AMREP Corporation, a national housing developer, has gained a majority interest in Strickland Farm, the 390-unit townhome community under development in Freehold, New Jersey, from The Solomon Organization.
AMREP and The Solomon Organization of Clark, New Jersey, have been partners in the deal since its inception in 1988.
AMREP Corporation is one of the nation's premier developers of affordable housing, with communities under development in five states.
Gliedman, president, chairman and chief executive officer of AMREP
, Sabatell brings to AMREP
30 years of experience gained at RKO General where he coordinated strategic planning, operations management, budgeting and acquisition of operating units.
The proposal indicates that certain other stockholders of AMREP could participate in the transaction with Karabots.
If you are a shareholder of AMREP, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G.
The investigation concerns whether the AMREP Board of Directors breached their fiduciary duties to AMREP stockholders by failing to adequately shop the Company before entering into this transaction.
If you own common stock in AMREP and wish to obtain additional information, please contact Joseph E.
Karabots announced that certain other stockholders of AMREP could participate in the transaction with him, and that he has no interest in selling his interest in AMREP to anyone else.
The investigation concerns, among other things, whether the consideration to be paid to AMREP shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of AMREP.