Prime Retail Discloses Lapsed M&A Talks

Prime Retail Inc., Baltimore, has disclosed that it recently held exclusive negotiations, now lapsed, with an unnamed party about a possible acquisition of Prime Retail, a real estate investment trust.The REIT said its financial adviser, Houlihan Lokey Howard & Zukin, "facilitated limited discussions involving certain holders of the company's preferred stock" pursuant to confidentiality agreements. The aim of the discussions was to obtain comments from the preferred stockholders regarding "the possible allocation of consideration" among the company's stockholders regarding an assumed acquisition that would result in $130 million to $135 million in consideration. Prime Retail, which specializes in owning, leasing, marketing, and managing outlet centers, can be found on the Internet at http://www.primeretail.com.