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Exhibit 99.1
PRESS RELEASE
CONTACT:
DANIEL B. PLATT, CHIEF FINANCIAL OFFICER
TEL: 619-652-4700
FAX: 619-652-4711
[email protected]
BURNHAM PLANS TO OPPOSE SCHOTTENSTEIN'S ATTEMPT TO RESCHEDULE ANNUAL MEETING
SEPARATELY, COMPANY ANNOUNCES IT PREVAILS IN CLASS ACTION SUIT
SAN DIEGO--(BUSINESS WIRE)--June 14, 2000--Burnham Pacific Properties,
Inc. (NYSE:BPP) said today that it will oppose any efforts by the Schottenstein
Group to reschedule Burnham's annual meeting, currently scheduled for October
18, 2000, because the company believes that the effort will subvert and
seriously prejudice the Board's pursuit of strategic alternatives to maximize
shareholder value.
The Company also believes it would be premature at this time to ask
shareholders to consider any proposals for a new slate of directors prior to the
conclusion of the strategic alternative process.
Separately, Burnham announced today that the California Superior Court
dismissed entirely a class action suit filed in 1999 against the Company and its
Board for certain actions taken by the directors in connection with the
unsolicited proposal from Schottenstein.
"Working with our financial adviser, Goldman Sachs, the Board has been
engaged in pursuing a number of strategic alternatives," said David Martin, CEO
of Burnham Pacific. "The thoughtful, orderly process we are undertaking to
maximize value for all Burnham shareholders would be seriously jeopardized by
Schottenstein Group's interference and continued pursuit of its own self
interests at the expense of other shareholders."
Burnham Pacific's Board of Directors consists of eight directors, of
which seven are independent.
Commenting on the court's decision to dismiss the class action suit
filed against Burnham in 1999, Martin said, "We are extremely pleased by the
court's decision to reject this suit as the plaintiffs were unable to produce
any facts establishing impropriety on our part."
Burnham Pacific is a real estate investment trust (REIT) that focuses
on value-added retail real estate opportunities throughout the United States. On
a quarterly basis, Burnham Pacific makes available supplemental information that
includes property and corporate level detail which is available upon request.
More information on Burnham Pacific may be obtained by calling 800.462.5181, or
visiting the Company's web site at WWW.BURNHAMPACIFIC.COM.
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This news release contains forward-looking statements that predict or
indicate future events or trends or that do not relate to historical matters. We
cannot assure the future events or outcomes of the matters described in these
statements; rather, these statements merely reflect our current expectations of
the approximate outcome of the matter discussed. Investors should read the
documents the Company files from time to time with the SEC, including the risk
factors that were disclosed in our Form 10-K that was filed with the SEC on
March 30, 2000. You should be aware that the risk factors contained in that Form
10-K may not be exhaustive. Therefore, we recommend that you read the
information in that Form 10-K together with other reports and documents that we
file with the SEC from time to time, including our Forms 10-K, 10-Q and 8-K
which may supplement, modify, supersede or update those risk factors.
