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EASTGROUP PROPERITES AND EASTOVER CORPORATION HOLD ACQUISITION DISCUSSIONS

 JACKSON, Miss., April 19 /PRNewswire/ -- EastGroup Properties (AMEX: EGP) and Eastover Corporation (OTC: EASTS) jointly announced that Special Committees of the Boards of Trustees of the two companies held initial discussions today with respect to the possible acquisition by EastGroup of Eastover. The representatives expect to continue discussions with respect to this acquisition. Although no agreement in principle has been reached nor any specific terms agreed to, the Special Committees are presently discussing a merger in which Eastover shareholders would receive EastGroup shares. Eastover's principal asset is 749,078 shares of EastGroup (17.8% of EastGroup's issued and outstanding shares). Both companies are real estate investment trusts headquartered in Jackson, Miss.
 -0- 4/19/94
 /CONTACT: N. Keith McKey, Executive Vice President, Chief Financial Officer and Secretary, EastGroup Properties, 601-948-4091/
 (EGP EASTS)


CO: EastGroup Properties; Eastover Corporation ST: Mississippi IN: SU: TNM

BR-TG -- AT024 -- 8208 04/19/94 18:18 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
Words:151
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