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THE ROUSE COMPANY ANNOUNCES ACQUISITION OF ITS STOCK

 THE ROUSE COMPANY ANNOUNCES ACQUISITION OF ITS STOCK
 COLUMBIA, Md., Sept. 21 /PRNewswire/ -- The Rouse Company of


Columbia, Md. announced today that eight investors, including the company, have acquired 9.5 million shares of common stock in the company from Trizec Investments Corporation, a wholly owned subsidiary of Trizec Corporation Ltd (Trizec) of Calgary, Alberta, Canada. The shares were acquired by the investors at $12 per share. The company bought one million shares of the common stock which will be paid for with a combination of a note due June 30, 1993 and, subject to approval of the issuance by the board of directors, warrants that will allow Trizec Investments to purchase 500,000 common shares of the company at $18 per share for a period of five years. The remaining 8.5 million shares of common stock were purchased for cash by seven U.S. institutional investors -- T. Rowe Price Associates of Baltimore; Ariel Capital Management and Wanger Asset Management, both of Chicago; McCowan Associates, Inc., General Motors Investment Management Corporation and Desai Capital Management Incorporated, all of New York City; and Goldman, Sachs & Co., also of New York, which acted as placement agent on the transaction.
 Trizec Investments elected to retain, rather than sell, approximately 1.5 million shares of common stock in the company as has agreed not to sell this stock for a period of six months at less than $14 per share. The four representatives of Trizec who were members of the company's board have resigned their positions as directors. In addition, the formal letter accord which dealt with the ongoing relationship between Trizec and the company has been terminated.
 -0- 9/21/92
 /CONTACT: David L. Tripp, vice president and director, Investor Relations of The Rouse Company, 301-992-6546/
 (ROUS) CO: Rouse Company; Trizec Investments Corp.; Trizec Corp. ST: Maryland IN: FIN SU: TNM


LR-OS -- NY076 -- 1794 09/21/92 15:21 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
Words:318
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