OTHER NEWS - July 19, 1996

Bren Picks Up Outstanding Irvine Co. Shares: Billionaire land baron Donald L. Bren has quietly bought up all outstanding shares in Irvine Co., increasing his stake to 100% from 92% in a deal worth at least $80 million. Several outside investors who had bought stock in Orange County’s largest landowner at $400,000 a share recently received offers from Bren, Irvine Co. chairman, to purchase the stock at $425,000 a share. Irvine Co. released a statement confirming it had “redeemed all of the outstanding stock held by the company’s minority shareholders . . . leaving Donald Bren as the company’s sole shareholder.”