Veris Residential falls after co says buyout talks with Kushner end

Veris Residential

19/01/2023 14:03

(Updates with Kushner's response)
    ** Shares of real estate investment trust (REIT) Veris
Residential Inc  VRE.N  down 7.8% at $15 premarket
    ** Stock on track to open at its lowest in two months if
losses hold
    ** Co late on Wednesday said Kushner Companies had ended
talks to acquire VRE
    ** In response, Kushner denies giving any information to the
multifamily rental property developer
        ** "At no time did Kushner inform  Veris  that it was
not interested in proceeding" - Kushner
  
    ** Last month, Kushner proposed to pay VRE $18.50/share and
$17.50/share in two separate offers that were not publicly
reported, according to a letter reviewed by Reuters; both bids
were rejected
        ** Kushner says despite raising the offer several times,
at no point did VRE provide any counterproposal nor indicated a
range of values at which it would be prepared to transact
    ** The first offer from Kushner in October was for $16/share
and valued VRE at $4.3 bln, including debt
    ** Up to last close, Veris stock was up 2.1% YTD
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))