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Share Name | Share Symbol | Market | Type |
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New York Reit | NYSE:NYRT.WD | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
New York REIT Inc. and JBG Cos. said Tuesday the two companies would call off their merger and New York REIT would move to sell off its own assets after the deal failed to gain support with shareholders.
"Investors were clear in their preference for a liquidation to generate near-term cash," Matt Kelly, JBG managing partner, said.
The deal between the two real estate trusts was announced in May. New York REIT shares have fallen about 3% since before the deal was announced until Tuesday.
The companies said after talking to shareholders it became clear they didn't support the deal and that any modification of the deal was unlikely to gain shareholder approval, so it made sense to terminate the deal rather than proceed with a formal shareholder vote.
New York REIT will pay JBG $9.5 million to reimburse it for costs related to the merger.
New York REIT Chairman Randolph Read said the company will begin a process of selling off its individual assets and returning cash to shareholders, but that it would also be open to a "compelling offer for the entire company."
JBG is privately held. Shares of New York REIT, which have fallen 7.8% in the last three months, were inactive in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 02, 2016 08:25 ET (12:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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