Veris Residential, Kushner Cos. trade conflicting statements on merger discussions

Veris Residential on Thursday said it is ending further discussions with Kushner Cos., citing Kushner’s “insincere effort or lack of finances” as cause.

The Jersey City-based real estate investment trust also said that, as recently as Jan. 13, it was in discussions with Kushner Cos. regarding a previously negotiated and finalized nondisclosure agreement, but Kushner then backed out.

“We welcomed the opportunity to engage more openly and provide Kushner Cos. with critical information so that it could better understand Veris Residential’s intrinsic value. However, due to Kushner Cos.’ and its stated financing partners’ unwillingness to move forward (despite numerous attempts to engage while both sides were holding signature pages for delivery), we have been left with no choice other than to cease further discussions and focus our attention on the myriad current and emerging value-creative opportunities available to the company,” Veris said in a news release.

Kushner on Thursday issued a response to Veris’ public statement, which said it had “worked diligently” with Veris to finalize an agreement that would give it access to nonpublic information and that Veris’ current board has shown neither the ability nor the willingness to so engage.

In November 2022, the Veris Residential board of directors unanimously rejected Kushner Cos.’ unsolicited proposals to acquire the company. Then, in December 2022, Veris rejected an increased share offer from Kushner, but said it was open to dialogue.