MI Developments postpones special meeting to accommodate ongoing shareholder discussions on Reorganization Proposal



    AURORA, ON, June 27 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that, in light of shareholder discussions
relating to potential amendments to the reorganization proposal received by
MID's Board of Directors on March 31, 2008 (the "Reorganization Proposal"),
the special meeting of MID shareholders to consider the Reorganization
Proposal, previously called for July 24, 2008, will be postponed.
    The Board of Directors of MID has constituted a Special Committee of
independent directors to review and make recommendations to the Board relating
to the Reorganization Proposal. Neither the Special Committee nor the Board
has made any decisions or recommendations with respect to the Reorganization
Proposal, and the Board may further postpone or cancel the special meeting at
any time.
    The implementation of the Reorganization Proposal would be subject to
applicable shareholder, court and regulatory approvals and certain other
material conditions, some of which are beyond MID's control. There can be no
assurance that the transaction contemplated by the Reorganization Proposal,
either as currently structured or in an amended form, or any other
transaction, will be completed.

    About MID

    MID is a real estate operating company focusing primarily on the
ownership, leasing, management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its subsidiaries
in North America and Europe. MID also acquires land that it intends to develop
for mixed-use and residential projects. MID holds a controlling interest in
Magna Entertainment Corp., North America's number one owner and operator of
horse racetracks, based on revenue, and one of the world's leading suppliers,
via simulcasting, of live horse racing content to the growing intertrack,
off-track and account wagering markets.

    Forward-Looking Statements

    This press release contains "forward-looking statements" within the
meaning of applicable securities legislation. Forward-looking statements may
include, among others, statements relating to the Reorganization Proposal and
the terms and conditions of such proposal. Words such as "may", "would",
"could", "will", "likely", "expect", "anticipate", "believe", "intend",
"plan", "forecast", "project", "estimate" and similar expressions are used to
identify forward-looking statements. Forward-looking statements should not be
read as guarantees of future events or results and will not necessarily be
accurate indications of whether or the times at or by which such future events
or results will be achieved. Undue reliance should not be placed on such
statements. Forward-looking statements are based on information available at
the time and/or management's good faith assumptions and analyses, and are
subject to known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond the Company's control, that could cause
actual events or results to differ materially from such forward-looking
statements. Important factors that could cause such differences include, but
are not limited to the risks that: the parties will not proceed with the
Reorganization Proposal; if the parties decide to proceed with a transaction,
the terms of such transaction may differ from those that are contemplated by
the term sheet for the Reorganization Proposal; and if the parties decide to
proceed with a transaction, such transaction may not be successfully completed
for any reason (including the failure to obtain any required approvals). Other
important factors are set forth in the "Risk Factors" section in MID's Annual
Information Form for 2007, filed on SEDAR at www.sedar.com and attached as
Exhibit 1 to MID's Annual Report on Form 40-F for the year ended
December 31, 2007, which investors are strongly advised to review. The "Risk
Factors" section also contains information about the material factors or
assumptions underlying such forward-looking statements. Forward-looking
statements speak only as of the date the statements were made and unless
otherwise required by applicable securities laws, MID expressly disclaims any
intention and undertakes no obligation to update or revise any forward-looking
statements contained in this press release to reflect subsequent information,
events or circumstances or otherwise.
    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of any securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful. Any securities contemplated to be issued pursuant to the
Reorganization Proposal have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements.




For further information:

For further information: John Simonetti, MID's Chief Executive Officer,
at (905) 726-7619

Organization Profile

MI DEVELOPMENTS INC.

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