Green Courte Partners has extended its previously-announced cash tender offer for all outstanding shares of American Land Lease Inc. (NYSE: ANL) until 5pm on Tuesday, February 17. Green Courte is offering $14.20 per share.
Green Courte Partners, LLC, a Chicago-based private equity investment firm, today announced that one of its affiliates (such affiliate is referred to as “Green Courte Partners”) has extended its previously announced cash tender offer for all of the outstanding shares of common stock of American Land Lease, Inc. (NYSE: ANL) until 5:00 p.m., New York City time, on Tuesday, February 17, 2009, unless further extended. The tender offer was originally scheduled to expire at 5:00 p.m., New York City time, at the end of Thursday, February 5, 2009 but certain of the conditions for the closing of the tender offer remain pending. All other terms and conditions of the tender offer remain unchanged.
The depositary for the tender offer has advised Green Courte Partners and ANL that, as of the close of business, New York City time, on February 5, 2009, a total of 7,480,016 shares of ANL’s common stock were validly tendered and not withdrawn (which includes 249,482 shares subject to guaranteed delivery procedures), representing approximately 93% of ANL’s outstanding common stock.
ANL stockholders are entitled to receive $14.20 per share in cash for each share of ANL’s common stock tendered in the tender offer, subject to the terms and conditions of the tender offer and applicable withholding taxes, without interest thereon.
ANL stockholders with questions about how to tender their shares may call Innisfree M&A Incorporated, the Information Agent, toll-free at 888-750-5834 (banks and brokers may call collect at 212-750-5833).
About Green Courte Partners
Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused primarily on the ownership and operation of manufactured housing communities, retail and mixed-use properties, and parking assets. Green Courte Partners, LLC combines focused investment strategies with a disciplined approach to transaction execution and asset management with a goal of generating attractive risk-adjusted returns over a long-term holding period. For more information visit www.GreenCourtePartners.com.
American Land Lease, Inc. is a Clearwater, Florida-based real estate investment trust that owns, develops and manages residential land lease communities primarily serving active adults. With over 10,000 home sites in 30 communities located primarily in Florida, Arizona and Alabama, ANL is committed to providing affordable, free-spirited retirement living for active adults. For more information, visit www.americanlandlease.com.