Veris Residential on Monday released a letter it sent to Kushner Cos detailing its rejection of each of Kushner Cos’ latest proposals to acquire Veris Residential and offered a go-forward process to facilitate dialogue between the two. Veris’ board also stated its willingness to evaluate any proposals from any interested buyers that will maximize the value of the Jersey City-based company.
Kushner Cos. said it had no comment at the present time.
In November the Veris Residential board of directors unanimously rejected Kushner Cos.’ unsolicited proposals to acquire the company for $16 per share. Kushner’s $16-per-share offer would value the real estate investment trust at $4.3 billion, however, at that time the board said it evaluated Kushner’s proposals and determined that it ‘grossly undervalues Veris in its current form.’
The Veris Board’s also stated in the letter that in addition to fully compensating shareholders for the intrinsic value of their shares, any proposals must be supported by information regarding certainty of financing sources, and further assurances from such sources that they are prepared to transact at the revised valuation.
Kushner currently owns a nearly 5 percent stake in Veris.
The full text of the letter can be viewed here.