News Release
Contact:
William R. (Todd) Fowler (800) 988-4304
SECURITY CAPITAL COMPLETES TENDER OFFER
FOR HOMESTEAD VILLAGE INCORPORATED
CHICAGO (June 7, 2000) - Security Capital Group Incorporated (NYSE: SCZ) today
announced that it had successfully completed its $4.10 per share cash tender
offer for all outstanding shares of Homestead Village Incorporated common stock
not owned by Security Capital or its affiliates, including the associated
preferred share purchase rights. The tender offer expired on June 6, 2000, at 12
midnight, Eastern Time.
Approximately 14,276,500 Homestead shares, representing about 11.9% of the
outstanding shares, had been validly tendered and not withdrawn prior to the
expiration of the offer (including approximately 991,000 shares that are
guaranteed to be delivered). Security Capital now owns approximately 98.9% of
Homestead.
Security Capital expects to complete the merger of Homestead with a wholly owned
subsidiary of Security Capital within the next few days in accordance with
Maryland's short-form merger provisions. As a result of the merger, each
remaining outstanding share of Homestead and the associated preferred share
purchase right will be converted into the right to receive the same $4.10 per
share in cash, without interest.
Security Capital Group Incorporated is an international real estate research,
investment and operating management company. Security Capital operates its
business through two divisions. The Capital Division provides operational and
capital deployment oversight to direct and indirect investments in real estate
operating companies, generating earnings principally from its ownership of these
affiliates. Currently, the Capital Division has investments in 16 real estate
operating companies. The Financial Services Division generates fees principally
from capital management and capital markets activities. The principal offices of
Security Capital and its directly owned affiliates are in Amsterdam, Atlanta,
Brussels, Chicago, Denver, El Paso, Houston, London, Luxembourg, New York and
Santa Fe.
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