Brief: Forest City agrees to eliminate dual-class share structure

NACCO Industries

06/12/2016 14:00

Dec 6 (Reuters) - Forest City Realty Trust Inc  FCEa.N  -  
    * All of outstanding shares of co's class B common stock 
would be converted into shares of co's class A common stock 
    * In addition, holders of class B shares will exchange each 
of their class B shares for 1.31 shares of class A common stock 
    * Says will be seeking shareholder approval of 
reclassification at company's 2017 annual meeting of 
shareholders 
    * Also announced that Bruce C. Ratner, who has served as a 
director since 2007, will also step down from board by year-end 
    * Holders of class B shares will exchange each of their 
class B shares for 1.31 shares of class A common stock 
    * Charles Ratner will retire from forest city, effective 
Dec. 31, 2016, and will step down from board at that time 
    * Board will appoint James A. Ratner, to succeed Charles 
Ratner as non-executive chairman 
    * Intends to fill the two board vacancies with new, 
independent directors 
    * Forest city enters into agreement to eliminate the 
company's dual-class share structure; announces board changes 
and corporate governance enhancements 
 
Source text for Eikon:  ID:nPn5XSd8Fa  
Further company coverage:  FCEa.N  
 
 ((bangalore.newsroom@thomsonreuters.com;))