Veris Residential slumps after Kushner pulls out of buyout talks
19/01/2023 13:00
** Shares of real estate investment trust (REIT) Veris
Residential Inc VRE.N down 7.9% at $14.99 premarket
** Stock on track to open at its lowest in two months if
losses hold
** VRE on Wednesday after market said Kushner Companies had
ended talks to acquire the REIT
** Last month, Kushner had proposed to pay VRE $18.50/shr
and $17.50/shr in two separate offers that were not publicly
reported, according to a letter reviewed by Reuters
** The bids were rejected for being too low and lacking
financing
** The first offer made in October was for $16/shr and
valued VRE at $4.3 bln, including debt
** In a separate statement, Kushner says despite raising the
offer several times, at no point has VRE provided any
counterproposal, nor indicated a range of values at which it
would be prepared to transact
** Up to last close, Veris stock was up 2.1% YTD
(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com))