A group formed by Schottenstein and Michael L. Ashner owns 9.8%of Burnham common stock. Under the agreement announced by Burnhamon Tuesday, the San Diego-based company has made Schottensteinco-chairman of its board and amended its shareholder's rights planto allow the Schottenstein group to own up 19.9% of its commonstock.
In exchange, the Schottenstein group has agreed to droplitigation against the companyand vote its shares in favor of bothBurnham Pacific's previously announced liquidation plan and its ownnominees for the board.
Schottenstein, chairman of Value City Department Stores andAmerican Eagle Outfitters Inc., made a bid to buy the company for$13.50 a share last year. The REIT's old board rejected the bid astoo low.
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