NORTON SHORES, Mich., Oct. 23, 2012 /PRNewswire/ -- Horizon Group Properties (OTC: HGPI.PK), announced today that tender offers have been launched for the purchase of all shares of its common stock and limited partnership units of Horizon Group Properties, L.P. held by persons owning fewer than 1,000 shares or partnership units as of the close of business on October 15, 2012. The tender price is $1.50 for each share or unit properly tendered by an eligible stockholder or unitholder. This price represents a premium of approximately 172% over the last sale price of the common stock in the Over-the Counter Market on October 18, 2012, the last trading day prior to the date of the offer. Tendering shareholders and unitholders will not have to pay any processing fees or brokerage costs associated with the offers.
The offers are not conditioned on the receipt of any minimum number of tenders. The offers will expire at 5:00 p.m., New York City time, on Friday, November 30, 2012, unless extended prior to that date. Eligible stockholders and unitholders who would like to participate must tender all shares or units that they own. Partial tenders will not be accepted. Questions or requests for documents may be directed to AST Phoenix Advisors, the Information Agent for the offer, by telephone at (877) 478-5038 (toll free) or in writing at 110 Wall Street, New York, New York 10005.
This announcement is not an offer to purchase or a solicitation of an offer to purchase with respect to the common stock or limited partnership units. The tender offers are being made upon the terms and subject to the conditions set forth in the Offer to Purchase and the applicable Letter of Transmittal, each dated October 19, 2012. We urge investors and security holders to read the tender offer materials because they contain important information, including the Offer to Purchase and the Letter of Transmittal.
Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is an owner and developer of factory outlet shopping centers and is the developer of a master planned community in suburban Chicago. Horizon Group Properties, Inc. ("HGPI") is the general partner of Horizon Group Properties, L.P. ("HGP LP") and limited partnership units of HGP LP are convertible into shares of common stock of HGPI on a one-for-one basis. For more information, please visit www.horizongroup.com.
Safe Harbor Statement: The statements contained herein, which are not historical facts, are forward-looking statements based upon economic forecasts, budgets, and other factors which, by their nature, involve known risks, uncertainties and other factors which may cause the actual results, performance or achievements of Horizon Group Properties, Inc. to be materially different from any future results implied by such statements. In particular, among the factors that could cause actual results to differ materially are the following: business conditions and the general economy, competitive factors, interest rates and other risks inherent in the real estate business.
SOURCE Horizon Group Properties