Neuberger BM RE (NYSE:NRL)
Historical Stock Chart
From Oct 2019 to Oct 2024
Neuberger Berman Real Estate Income Fund Inc. (NYSE: NRL) and Full Value
Partners L.P. (“Full Value”),
today announced that they have entered into an agreement settling
litigation filed by Full Value in October 2004 against NRL and certain
of its directors relating to takeover defenses adopted by NRL in
September 2004 to fend off a hostile tender offer by entities affiliated
with Stuart R. Horejsi. The parties have entered into the settlement to
eliminate the burden, expense, and distraction of further litigation.
The settlement follows a summary judgment ruling in related litigation
between NRL and Mr. Horejsi and his affiliates, in which a federal court
upheld the takeover defenses adopted by NRL. The settlement also follows
the announcement by NRL that it intends to present to its stockholders
for approval at NRL’s next stockholders
meeting a proposal to liquidate NRL and distribute the net proceeds to
the stockholders, which action could allow stockholders to realize net
asset value for their shares, as advocated by Full Value. As part of the
agreement, Full Value and other entities affiliated with investor
Phillip Goldstein have agreed to vote their NRL shares in favor of the
liquidation proposal and for the election of management’s
nominees as directors.
Forward-Looking Statements
Statements made in this release that look forward in time involve risks
and uncertainties and are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from a
decline in the securities markets or a decline in the Fund’s
performance, a general downturn in the economy, competition from other
funds, changes in government policy or regulation, inability of the Fund’s
investment advisor to attract or retain key employees, inability of the
Fund’s investment advisor to implement its
investment strategy, inability of the Fund to manage unforeseen costs
and other effects related to legal proceedings or investigations of
governmental and self-regulatory organizations.