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Shareholder Update: Investigation Of Management Buyout Of AMREP Corp. By Tripp Levy PLLC

Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of AMREP Corp. (NYSE: AXR). On September 8, 2010, Nicholas Karabots, the Vice Chairman of AMREP and owner of 60% of the outstanding shares of AMREP, offered to acquire the remaining shares of AMREP that he does not already own for $12 per share in cash.

In addition, Mr. Karabots announced that certain other stockholders of AMREP could participate in the transaction with him, and that he has no interest in selling his interest in AMREP to anyone else.

The investigation concerns, among other things, whether the consideration to be paid to AMREP shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of AMREP. Indeed, analysts have projected that AMREP’s true inherent value is in excess of $15 per share. The investigation further concerns whether the directors of AMREP may not be acting in AMREP shareholders' best interests in connection with the sale process of AMREP.

If you own AMREP common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Tripp Levy
Tripp Levy PLLC
125 East 82 nd Street
9 th Floor
New York, New York
Toll Free: 877-772-3975

Email:

contact@tripplevy.com

Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.

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