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Exhibit 99(A)(5)(III)
News Release
[LOGO OF GRUBB & ELLIS]
FOR IMMEDIATE RELEASE Contact: Noeleen Colgan
847.753.7594
Grubb & Ellis Company Announces Commencement of its Previously Announced
Tender Offer for Up To Seven Million Shares of Its Common Stock
NORTHBROOK, Ill., Dec. 15, 2000 -- Grubb & Ellis Company (NYSE: GBE) today
commenced its previously announced tender offer for up to 7 million shares of
the company's outstanding common stock at a price of $7 per share. The price
represents a 27 percent premium over the December 13, 2000 closing share price
of $5.50 per share. The company currently has approximately 20 million shares
outstanding.
The tender offer commenced today, December 15, 2000, and will expire at
5:00 p.m. EST, on January 17, 2001, unless extended by the company. Tender offer
material is being mailed to stockholders today. The tender offer is available to
all company stockholders, vested option holders and warrant holders, including
holders of shares held in employee benefit plans. It is subject to various terms
and conditions described in the tender offer materials distributed to
stockholders, including obtaining sufficient financing to purchase the shares
pursuant to the offer.
Certain stockholders have indicated that they intend to tender an aggregate
of approximately 15.6 million shares including shares issuable upon the exercise
of certain vested options and warrants. Therefore, it is expected that tendered
shares will be purchased on a pro rata basis, except for "odd lots" of less than
100 shares which will be purchased on a priority basis.
GRUBB & ELLIS COMMENCES TENDER OFFER
ADD ONE
Banc of America Securities LLC will act as Dealer Manager. Morrow & Co.,
Inc. will act as Information Agent. Any stockholders who require tender offer
materials may contact the Information Agent at 445 Park Avenue, 5/th/ Floor, New
York, New York, 10022; Call collect: (212) 754.8000. Banks and brokerage firms
call: (800) 654.2468; stockholders please call: (800) 607.0088.
None of Grubb & Ellis, its Board of Directors, the Dealer Manager or the
Information Agent makes any recommendation to stockholders as to whether to
tender or refrain from tendering shares.
Grubb & Ellis Company is one of the nation's largest commercial real estate
services firms. Through its offices, affiliates and global strategic alliance
with Knight Frank, one of the leading property consulting firms in Europe,
Africa and Asia Pacific, the company provides a full range of real estate
services, including advisory, management and consultative services, to users and
investors worldwide. With the collective resources of approximately 8,000
people in over 200 offices in 27 countries, Grubb & Ellis professionals arrange
the sale or lease of such business properties as industrial, retail and office
buildings, as well as the acquisition and disposition of multi-family and
hospitality properties and commercial land. Major multiple-market clients have a
single point of contact through the firm's corporate and institutional units for
coordination of all of the firm's services as well as site selection,
feasibility studies, market forecasts and research. For more information, visit
the company's website at www.grubb-ellis.com.
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