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LAACO, Ltd. Recommends That Unitholders Reject Mercury Tender Offer.

Publication: PR Newswire
Publication Date: 27-MAY-05 		Format: Online - approximately 1050 words
Delivery: Immediate Online Access

Article Excerpt
LOS ANGELES, May 27 /PRNewswire-FirstCall/ -- LAACO, Ltd. (Pink Sheets: LAACZ) today recommend its unitholders reject an unsolicited offer by Mercury Real Estate Advisors LLC to purchase a minority interest in the outstanding limited partnership units of LAACO. The Board of LAACO'S Managing General Partner unanimously voted to recommend rejection of Mercury's tender offer.

In response to the offer by Mercury, LAACO sent a letter to its unitholders summarizing the reasons for its rejection of the offer, a copy of which follows.

To The Partners of LAACO, Ltd. Dear Unitholders:

We learned recently that entities associated with Mercury Partners LLC, acting through Mercury Real Estate Advisors LLC, have again put forth an unsolicited offer to purchase a minority interest in the outstanding limited partnership units of LAACO. They are seeking up to 17,000 units, at a cash price of $800 per unit, representing approximately 9.7% of the...

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