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EXHIBIT 99.1
News Release
FOR FURTHER INFORMATION:
Michael K. Kaline Fred Nachman
President Marjan Communications Inc.
(248) 644-7110 (312) 867-1771
FOR IMMEDIATE RELEASE
BOARD OF DIRECTORS OF MALAN REALTY INVESTORS TERMINATES SHAREHOLDER
RIGHTS PLAN
BINGHAM FARMS, MICH., SEPTEMBER 14, 2000 - The board of directors of
MALAN REALTY INVESTORS, INC. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced it has terminated a shareholder rights
plan adopted in January 1999. The action was taken at a special board meeting
conducted today.
"The board believes terminating the `poison pill' is in the best
interest of all shareholders because it enhances our accountability," said Paul
Gray, chairman of the board of Malan Realty Investors. "The slate elected to the
board of directors last spring pledged to reinvigorate the process of enhancing
shareholder value, and we have taken this important step toward this goal."
Terminating the plan was not taken in response to any specific effort
to increase ownership of the company, and the board is not aware of any such
effort, Gray noted.
Under the former plan, a special dividend distribution of one right to
purchase one one-thousandth of a share of Malan's Series A Junior Participating
Preferred Stock for each outstanding common share of Malan at a purchase price
of $42.00 would have been exercisable if a person or group, without the prior
approval of the board of directors, had acquired 15 percent or more of Malan's
common stock or announced a tender offer that would, if consummated, have
resulted in the ownership of 15 percent or more of the company's common stock.
The rights plan was not applicable to, and the rights did not become exercisable
as a result of the stock ownership of any person or group that then owned 15
percent or more of Malan's common stock unless such person increased its current
ownership position. Once a person or group acquired 15 percent or more of the
outstanding common stock of Malan, each right would have entitled its holder to
purchase Malan's common stock (or of any company that acquires Malan) at a 50
percent discount.
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Malan Realty Investors, Inc. owns, acquires, redevelops and manages
properties that are leased primarily to national and regional retail companies.
The company owns a portfolio of 64 properties located in 9 states that contains
an aggregate of approximately 5.9 million square feet of GLA.
News releases for Malan Realty Investors are available on the company's
web site at www.malanreit.com or through Company News On-Call by fax at (800)
758-5804, ext. 114165, or www.prnewswire.com.
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