AMREP Announces 'Going Private' Proposal at $12.00 Per Share

AMREP Corporation AXR today reported that Nicholas G. Karabots, the beneficial owner of approximately 60% of AMREP's outstanding common stock and the Vice Chairman of AMREP's Board of Directors, has submitted to the Board of Directors a proposal for the merger of AMREP with a company controlled by Mr. Karabots. The proposal indicates that certain other stockholders of AMREP could participate in the transaction with Mr. Karabots. Under the terms of the merger proposal, the remaining holders of AMREP's common stock would receive cash consideration of $12.00 per share. The proposal submitted is not a definitive offer, and there can be no assurance that any definitive offer will be made, that any agreement will be executed or that a definitive offer, if made, with respect to the proposal or any other transaction will be approved or consummated.