Morguard Corp MRC.TO :
* MORGUARD CORPORATION ANNOUNCES GOING PRIVATE PROPOSAL FOR TEMPLE HOTELS INC. AT $2.10 PER COMMON SHARE IN CASH
* MORGUARD CORP - EXPECTS THAT BOARD OF DIRECTORS OF TEMPLE WILL ESTABLISH A SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS TO CONSIDER PROPOSED TRANSACTION
* MORGUARD CORP - MINORITY SHAREHOLDERS OWNING ABOUT 16.9% OF TEMPLE HOTELS INC SHARES AGREED TO SUPPORT PROPOSED DEAL
* MORGUARD - EXPECTS THAT PROPOSED TRANSACTION WOULD BE IMPLEMENTED BY WAY OF A PLAN OF ARRANGEMENT UNDER CANADA BUSINESS CORPORATIONS ACT
* MORGUARD CORP - PROPOSED TRANSACTION WOULD NOT BE CONTINGENT ON FINANCING
* MORGUARD CORP - INFORMED TEMPLE IT IS NOT PREPARED TO ENTERTAIN ALTERNATIVE TRANSACTIONS, HAS NO INTENTION OF DISPOSING OF ITS HOLDING IN TEMPLE
* MORGUARD CORP - CURRENTLY OWNS ABOUT 72.6% OF ISSUED AND OUTSTANDING TEMPLE COMMON SHARES
* MORGUARD CORP - PROPOSED DEAL WOULD NOT BE CONTINGENT ON FINANCING
* MORGUARD - EXPECTED TEMPLE SHARES HELD BY CO, ARMOYAN, IF VOTED IN PROPOSED DEAL FAVOUR, WOULD BE SUFFICIENT FOR NEEDED TEMPLE SHAREHOLDER APPROVALS