Orix Makes New Bid for Criimi Mae

Orix Capital Markets LLC, Dallas, has made a new proposal to acquire Rockville, Md.-based Criimi Mae Inc. for approximately $11.50 per common share in cash.Even though Orix has "refused to eliminate certain conditions and contingencies in its latest proposal," Criimi Mae said it is continuing negotiations with the company. The commercial mortgage lender said the Orix proposal, in its current form, gives Orix great leeway in opting out of any transaction. The latest proposal was made Jan. 2 after the Criimi Mae board rejected an earlier Orix proposal to acquire Criimi Mae assets for $520 million. The Criimi Mae special committee has told Orix that before it can begin serious negotiations, Orix "must commit to closing with a sufficient degree of certainty." In the meantime, Criimi Mae said its earlier financing agreement with Brascan Real Estate Finance and Bear Stearns is proceeding toward a Jan. 15 closing. Criimi Mae can be found on the Web at http://www.criimimaeinc.com.