DUO MAKES BID ON SANTA ANITA COS.Byline: Gregory J. Wilcox Daily News Staff Writer A Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. real estate entrepreneur and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of financier on Wednesday made an unsolicited bid for racetrack owner Santa Anita Santa Anita may refer to:
The offer from the partnership of Koll Arcadia Investors LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control seeks to derail de·rail intr. & tr.v. de·railed, de·rail·ing, de·rails 1. To run or cause to run off the rails. 2. Arcadia-based Santa Anita's pending agreement to sell a 45 percent stake to real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. Colony Capital  This article may contain improper references to .Please help [ improve this article] by removing . Inc. for about $138 million. Koll submitted its proposal, which it values at $19 a share, in a letter to Santa Anita directors and derided the Colony bid, which does not give shareholders any cash. ``We believe the Colony transactions are not in the best interests of the stockholders and that public statements by some of your largest stockholders indicate they, too, share this conclusion,'' the letter said. New York money manager Mario Gabelli, Santa Anita's largest shareholder, has said that Colony's offer ``puts a Berlin Wall around shareholder value.'' He was out of the country Wednesday and not available for comment, his office said. Santa Anita issued a statement saying that it would continue to move forward with the Colony deal but will also examine Koll's offer and determine which one is best for shareholders. The company declined further comment. Colony Capital also declined comment because proxy statements about its offer are being sent to shareholders. Koll Arcadia was formed by developer Donald M. Koll and financier Leon Black's Apollo Real Estate Advisers. Black is a former co-head of mergers and acquisitions at defunct Drexel Burnham Lambert Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in the 1980s by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. . Koll's offer includes a $14-a-share dividend payment to Santa Anita stockholders, an initial $50 million investment in the company and future investments of up to $150 million ``if sufficient capital is not otherwise available to the companies.'' Future growth could be financed through asset sales and the proceeds used to buy other property or companies, said James Watson, one of Koll's partners. Unlike Colony, Koll would like to develop some of the vacant land near the Arcadia racetrack, something area residents have resisted in the past. ``I think we would take quite a different approach than Santa Anita management has,'' Watson said. ``A project like this requires a great deal of community involvement and support from the city fathers.'' Colony would focus on expansion into other leisure and entertainment businesses, possibly including amusement parks. |
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