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Article: Black Bear Realty offers to buy up to 30 percent of American Industrial Properties.
- Article from:
- Business Wire
- Article date:
- January 2, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Osborne, managing member of Black Bear Realty Ltd. announced today that Black Bear had proposed to purchase up to 30 percent of the outstanding shares of American Industrial Properties REIT of Irving, Texas (NYSE-IND).
In a letter to the board of trust managers of American Industrial, Black Bear proposed to pay $3.00 per share for the approximately 925,000 authorized but unissued shares of American Industrial. The $3.00 per share represents an approximate 60 percent premium over the current market price of American Industrial's stock and would result in an immediate equity infusion into American Industrial of approximately $2.8 million. In the letter to the board, ...