EXHIBIT (a)(5)(ii)
[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 RESULTS
OF SELF-TENDER OFFER
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New York, June 7, 2000 -- AMREP Corporation (NYSE:AXR) today
announced the preliminary 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 ofits
common stock on May 4, 2000, at a price range of $5.25 to $7.00
per share. Based on a preliminary count by The Bank of New York, the
depositary for the offer, 588,584 shares were properly tendered and
not withdrawn at prices at or below $7.00 per share. Based on this
count, AMREP will accept for purchase at a price of $7.00 per share
all such shares tendered. Payment for the shares will be made as soon
as practicable after the final count by the depositary.
After the purchase of the shares, AMREP will have approximately
6,650,000 shares of common stock outstanding. The closing price of
AMREP'S common stock on June 6, 2000 was $6 11/16.
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.
