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Malan REIT Board Terminates "Poison Pill" Anti-Takeover Plan

Bingham Farms,MI-Termination not taken in response to any takeover bid, board says. New slate of board members pledge to "reinvigorate" plans to enhance shareholder value.

By Robert Carr | Updated on September 15, 2000

BINGHAM FARMS, MI-The board of directors of Malan Realty Investors Inc. of Bingham Farms, a real estate investment trust, has terminated an anti-takeover shareholder rights plan adopted in January 1999.

“The board believes terminating the ‘poison pill’ is in the best interest of all shareholders because it enhances our accountability,” says 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 outside effort to increase ownership of the company and the board is not aware of any such effort, Gray notes.

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