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