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Tower Properties Company Required Response to Shareholders Regarding Park GP, Inc. Tender Offer
Tower Properties Company Required Response to Shareholders Regarding Park GP, Inc. Tender Offer.
About this update from Tower Properties Company
[{"type":"text","content":"May 24, 2007\n\nDear Shareholder:\n\nOn May 21, 2007, one of our shareholders provided us with a copy of a letter they had received from Park GP, Inc. (\"PGP\"), dated May 16, 2007, in which PGP offers to purchase (the \"PGP Tender Offer\") up to 7,880 shares of common stock (the \"Shares\") of Tower Properties Company (\"we\", \"us\" or the \"Company\"). The PGP Tender Offer states that the price offered is $351 per Share, in cash, which amount will be reduced by any distributions declared or paid by the Company after April 1, 2007, as well as by any transfer fees charged by the transfer agent.\n\nAs of May 24, 2007, there were 160,871 of our Shares issued and outstanding. The 7,880 Shares sought in the PGP Tender Offer represent approximately 4.9% of our outstanding Shares which, together with 1,263 Shares which PGP states that it owns represent approximately 5.7% of our outstanding Shares. Our principal executive offices are located at 911 Main Street, Suite 100, Kansas City, Missouri 64105 and our telephone number is (816) 421-8255.\n\nWe do not know PGP or its management, have had no negotiations with PGP and received no contact from PGP concerning the PGP Tender Offer prior to our receipt on May 21st of PGP's May 16th letter.\n\nRule 14e-2 under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), requires us to take one of several permissible positions with respect to the PGP Tender Offer and to communicate our position to our shareholders.\n\nOur Board of Directors has not received a recent valuation of the Company's common stock, or obtained a recent appraisal of its assets or liabilities, and is therefore not able to determine whether the PGP Tender Offer price of $351 per Share is higher or lower than the intrinsic value of the Shares.\n\nAs a consequence, we are not expressing an opinion, or making a recommendation, and are remaining neutral with respect to the PGP Tender Offer, which is one of the positions we are permitted to take under Rule 14e-2. Each shareholder of the Company should therefore make his, her or its own independent investment decision with respect to accepting or rejecting the PGP Tender Offer. You are encouraged to seek the advice of your own financial, tax and other advisors before making your investment decision.\n\nTOWER PROPERTIES COMPANY\n/s/ Thomas R. Willard\nThomas R. W...