Karabots withdraws proposal to buy Princeton's Amrep

About that buyout offer? Never mind.

Amrep Corp.’s largest shareholder said he won’t pursue a buyout of the Princeton-based magazine distributor and provider of other services for publishers.

In a filing with the Securities and Exchange Commission on Thursday, Fort Washington philanthropist and businessman Nicholas G. Karabots withdrew a proposal he made Sept. 8 to buy Amrep for $12 per share.

Good thing, since Amrep shares have been trading above $12 since Sept. 9. Around midday Thursday, Amrep shares were down 79 cents, or 6 percent, to $12.51.

“In light of the current level of the stock price, and in deference to the views about my proposal expressed by certain stockholders, I have decided to withdraw and not pursue my proposal at this time,” Karabots wrote in a letter dated Sept. 29 to Amrep’s board of directors.

Earlier in September, I wrote about Karabots offer here.