Extension Agreement to Purchase Offer Letter between Pershing Square Capital Management, L.P. and Borders Group, Inc.
Pershing Square Capital Management, L.P. and Borders Group, Inc. have agreed to extend the deadline (Drop-Dead Date) for a previously made purchase offer to February 16, 2009, or a later date if both parties agree in writing. All other terms of the original Purchase Offer Letter remain unchanged. This extension is formalized in a letter agreement signed by both parties and is governed by New York law.
Exhibit 10.3
December 22, 2008
Borders Group, Inc.
100 Phoenix Drive
Ann Arbor, MI 48108
Attention: Mr. George L. Jones,
President and Chief Executive Officer
EXTENSION OF PURCHASE OFFER
Ladies and Gentlemen:
Reference is made to our letter to you, dated as of April 9, 2008 (the “Purchase Offer Letter”). Capitalized terms used but not defined have the meanings specified in the Purchase Offer Letter.
This confirms your and our agreement that the Drop-Dead Date is hereby extended to February 16, 2009, or such later date as you and we may mutually agree in writing. Except as expressly modified hereby, all terms and conditions of the Purchase Offer Letter will remain in full force and effect.
This letter shall be governed by and construed in accordance with the laws of the State of New York.
[signatures on following page]
| Very truly yours, |
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
| By: PS Management GP, LLC, its General Partner |
| By: /s/ William A. Ackman |
| Name: William A. Ackman, Managing Member |
| Agreed to and accepted this |
| 22nd day of December, 2008 |
| BORDERS GROUP, INC. |
| By: /s/ George L. Jones |
| Name: George L. Jones |
| Title: President and Chief Executive Officer |
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