EXHIBIT (a)(5)(iii)
[LETTERHEAD OF KCSA Public Relations Worldwide]
FOR: AMREP CORPORATION
641 Lexington Avenue
New York, NY 10022
CONTACT: Mohan Vachani
Senior Vice President and
Chief Financial Officer
(212) 705-4700
(212) 705-4740 (fax)
KSCA Joseph A. Mansi
CONTACT: (212) 896-1205 (phone)
(212) 697-0910 (fax)
[email protected]
www.kcsa.com
FOR IMMEDIATE RELEASE
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AMREP CORPORATION ANNOUNCES FINAL RESULTS
OF SELF-TENDER OFFER
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New York, June 12, 2000 -- AMREP Corporation (NYSE:AXR)
today announced the final results of its Dutch Auction self-tender
offer to purchase shares of its common stock. The offer expired June
6, 2000 at 5 p.m. New York City time.
AMREP commenced the tender offer for up to 725,000 shares
of its common stock on May 4, 2000, at a price range of $5.25 to $7.00
per share. Based on a final count by The Bank of New York, the
depositary for the offer, 587,654 shares were properly tendered and
not withdrawn at prices at or below $7.00 per share. AMREP has
accepted for purchase at a price of $7.00 per share all such shares
tendered.
AMREP has deposited the purchase price with The Bank of New
York, and that firm is in the process of making payment for shares
purchased through the tender offer. AMREP now has 6,652,696 shares of
common stock outstanding, or approximately 8.1 percent fewer shares
than were outstanding at the commencement of the offer on May 4, 2000.
The information agent for the offer was D.F. King & Co.,
Inc.
AMREP's subsidiary, AMREP Southwest Inc., is a leading
developer of real estate in New Mexico, and its Kable News Company,
Inc. subsidiary distributes magazines to wholesalers and provides
subscription fulfillment and related services to publishers and
others.
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This release and prior releases are available on the KCSA
Public Relations Worldwide website at www.kcsa.com.
