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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wheeler Real Estate Investment Trust Inc | NASDAQ:WHLR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0027 | -1.88% | 0.1409 | 0.1379 | 0.141 | 0.1429 | 0.1375 | 0.14 | 98,612 | 00:29:43 |
PORT WASHINGTON, N.Y., Nov. 27, 2017 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) ("Cedar" or the "Company") today announced that its Board of Directors has received and unanimously rejected an unsolicited and unrealistic proposal from Wheeler Real Estate Investment Trust (NASDAQ: WHLR) ("Wheeler") to evaluate opportunities to combine the two companies. The Cedar Board of Directors fully reviewed Wheeler's unsolicited proposal in consultation with its advisors and unanimously concluded that it is not in the best interest of shareholders for Cedar to enter into discussions with Wheeler.
The Board of Directors communicated its response to Wheeler in a letter sent to its Chairman of the Board on November 26, 2017, the full text of which follows:
November 26, 2017
Jon S. Wheeler
Wheeler REIT, Inc.
Riversedge North
2529 Virginia Beach Boulevard
Virginia Beach, VA 23452
Re: Response to Proposal for Strategic Transaction
Dear Mr. Wheeler:
We thank you for your interest in exploring a strategic transaction with Cedar, an overture which we understand is encouraged by Snow Park Capital, one of our newer shareholders. For the reasons noted below, Cedar's Board of Directors has determined that it would not be in the best interest of Cedar and its shareholders to pursue your proposal.
Cedar routinely evaluates strategic options to enhance long-term value. To this end, Cedar's Board of Directors is committed to considering any credible strategic alternative that would maximize value for our shareholders. We have sincere reservations, however, as to how an acquisition of Cedar by Wheeler could possibly create value for Cedar shareholders. Of particular concern are the following factors:
These are some, but certainly not all, of the reasons why the Cedar Board of Directors has determined not to pursue your proposal. Indeed, we wonder how Snow Park or any well-intentioned Cedar shareholder could possibly think that a transaction of this nature would be in the long-term best interest of Cedar and its shareholders.
The Cedar Board and management team are committed to creating and protecting value for all shareholders, and will continue to take action to achieve that objective.
Sincerely,
Board of Directors of Cedar Realty Trust, Inc.
/s/
By: Roger M. Widmann, Chairman
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses primarily on the ownership and operation of grocery-anchored shopping centers straddling the Washington D.C. to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") comprises 61 properties, with approximately 9.0 million square feet of gross leasable area.
Forward-Looking Statements
Statements made in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the Securities and Exchange Commission (the "SEC"), specifically the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as it may be updated or supplemented in the Company's Quarterly Reports on Form 10-Q and the Company's other filings with the SEC, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarrealtytrust.com.
Contact Information:
Cedar Realty Trust, Inc.
Investor Relations
Philip Mays
(516) 944-4572
View original content:http://www.prnewswire.com/news-releases/cedar-realty-trust-board-of-directors-rejects-unsolicited-proposal-from-wheeler-real-estate-investment-trust-300561647.html
SOURCE Cedar Realty Trust, Inc.
Copyright 2017 PR Newswire
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