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FCE.A

Acquired by BAM

$25.17

-0.015 (-0.06%)

, BPY

Brookfield Property

$19.24

-0.13 (-0.67%)

06:14
10/25/18
10/25
06:14
10/25/18
06:14

Former Forest City CEO Ratner urges holder to vote against Brookfield deal

Albert Ratner, co-Chairman emeritus and former CEO of Forest City Realty Trust, (FCEA), issued an open letter to Forest City shareholders publicly announcing, for the first time, his intention to vote all of the Forest City shares he controls against the company's pending acquisition by Brookfield Property Partners (BPY), and urging his fellow shareholders to vote to reject the transaction at the special meeting of Forest City stockholders scheduled for November 15, 2018. Mr. Ratner's letter cites five key considerations related to the pending transaction that he believes every Forest City shareholder should consider carefully in voting their shares: 1. It is the wrong price; 2. It is the wrong timing; 3. It resulted from a flawed process; 4. Forest City has a high quality/low debt structure; 5. There are the superior value opportunities available to Forest City shareholders if they reject the transaction. Ratner stated, "Forest City shareholders have only one question to decide: is it better to accept an effective $24.99 per share price from Brookfield now, or maintain the ability to receive an estimated $46.03 per share (minus potential transaction costs) on an undiscounted basis - which is 84% more than the $24.99 effective price -- over the coming roughly 26 months?" Ratner's letter notes that strategic alternatives such as those cited above would become available again to Forest City shareholders if the Brookfield transaction is rejected.

FCE.A

Acquired by BAM

$25.17

-0.015 (-0.06%)

BPY

Brookfield Property

$19.24

-0.13 (-0.67%)

  • 01

    Nov

FCE.A Acquired by BAM
$25.17

-0.015 (-0.06%)

02/02/18
02/02/18
DOWNGRADE
Target $22

Sell
GGP downgraded to Sell at Sandler ONeill on lower chances of higher bid
As previously reported, Sandler ONeill analyst Alexander Goldfarb downgraded GGP (GGP) to Sell from Hold, as he believes the chances of a materially higher price bid from Brookfield (BAM) have decreased. He notes that a report this week that Brookfield may be interested in acquiring another REIT - Forest City Realty (FCE.A) - caused GGP to trade under the $23 level for the first time since November 10 and he now thinks $24 is likely the best offer for GGP. Absent a deal, the stock could trade back towards its pre-M&A level of $19, contends Goldfarb, who has a $22 price target on GGP shares.
03/26/18
EVER
03/26/18
UPGRADE
Target $25
EVER
Outperform
Forest City upgraded to Outperform from In Line at Evercore ISI
Evercore ISI analyst Sheila McGrath upgraded Forest City to Outperform with a $25 price target. The analyst views the pullack in the shares as overdone.
08/06/18
EVER
08/06/18
DOWNGRADE
EVER
In Line
Forest City downgraded to In Line from Outperform at Evercore ISI
Forest City (FCE.A) is being acquired by Brookfield (BAM) for $25.35 per share.
BPY Brookfield Property
$19.24

-0.13 (-0.67%)

03/27/18
ADAM
03/27/18
UPGRADE
ADAM
Buy
Brookfield Property upgraded to Buy from Hold at Canaccord
03/27/18
JPMS
03/27/18
DOWNGRADE
Target $23.5
JPMS
Neutral
GGP downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Michael Mueller downgraded GGP (GGP) to Neutral and lowered his price target for the shares to $23.50 from $25.50. The analyst is shuffling his ratings in the REIT space following GGP's takeout by Brookfield Property Partners (BPY). He believes the price paid by Brookfield makes his "bullish mall thesis harder to push."
03/27/18
RHCO
03/27/18
DOWNGRADE
Target $23.5
RHCO
Hold
GGP downgraded to Hold from Buy at SunTrust
SunTrust analyst Ki Bin Kim downgraded GGP (GGP) to Hold from Buy and lowered the price target to $23.50 from $26 after Brookfield Property Partners (BPY) agreed to acquire the company at that price. While the improved offer represents only a "half-step" forward toward more equitable valuation relative to prior approach, the analyst ultimately expects this deal to close.
03/27/18
03/27/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. BB&T (BBT) upgraded to Buy from Neutral at B. Riley FBR and to Outperform from Market Perform at Wells Fargo. 2. Aratana Therapeutics (PETX) upgraded to Buy from Hold at Stifel with analyst Jonathan Block saying the early traction for Entyce, which was launched October 2017, has increased his conviction that the drug will act as the main revenue driver for Aratana in coming years. 3. Prologis (PLD) upgraded to Overweight from Neutral at JPMorgan with analyst Michael Mueller saying he is shuffling his ratings in the REIT space following GGP's (GGP) takeout by Brookfield Property Partners (BPY). 4. Brookfield Property (BPY) upgraded to Buy from Hold at Canaccord. 5. Roku (ROKU) upgraded to Neutral from Sell at Citi with analyst Mark May citing valuation for the upgrade following the stock's recent underperformance, but admits the upcoming lock-up expiration could serve as a negative catalyst. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

CVNA

Carvana

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-0.175 (-0.26%)

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INSM

Insmed

$26.37

-1.71 (-6.09%)

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LOW

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$111.10

1.86 (1.70%)

, ADI

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2.54 (2.61%)

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ADI

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TGT

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$72.05

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VFC

VF Corp.

$92.13

1.43 (1.58%)

AAP

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CLSA Asian tech analysts to hold an analyst/industry conference call »

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SPY

SPDR S&P 500 ETF Trust

$286.50

2.55 (0.90%)

, SPX

S&P 500

$0.00

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SPY

SPDR S&P 500 ETF Trust

$286.50

2.55 (0.90%)

SPX

S&P 500

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NEO

NeoGenomics

$21.81

-1.38 (-5.95%)

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BAM

Brookfield

$47.03

0.02 (0.04%)

, BX

Blackstone

$41.79

1.17 (2.88%)

19:29
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Periodicals
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BAM

Brookfield

$47.03

0.02 (0.04%)

BX

Blackstone

$41.79

1.17 (2.88%)

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  • 11

    Jun

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    Aug

GOLD

Barrick Gold

$12.12

-0.07 (-0.57%)

19:18
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SE

Sea Limited

$25.38

-0.42 (-1.63%)

19:04
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Sea Limited reports Q1 QAUs up 114.4% from last year »

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  • 21

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SE

Sea Limited

$25.38

-0.42 (-1.63%)

19:02
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05/21
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Earnings
Sea Limited reports Q1 EPS (64c), consensus (68c) »

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  • 21

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SNE

Sony

$51.01

-1.195 (-2.29%)

18:48
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Periodicals
Sony aims to bolster cash flow to better compete in chips, games, NAR says »

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  • 10

    Jun

OOMA

Ooma

$14.49

-0.45 (-3.01%)

, CVI

CVR Energy

$47.29

0.9 (1.94%)

18:47
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Fly Intel: After Hours Movers »

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OOMA

Ooma

$14.49

-0.45 (-3.01%)

CVI

CVR Energy

$47.29

0.9 (1.94%)

PVH

PVH Corp.

$108.53

2.5075 (2.37%)

PSTG

Pure Storage

$20.60

0.6 (3.00%)

JWN

Nordstrom

$37.88

0.42 (1.12%)

URBN

Urban Outfitters

$27.01

0.05 (0.19%)

TOL

Toll Brothers

$38.34

0.82 (2.19%)

ONCS

OncoSec

$3.95

0.149 (3.92%)

EKSO

Ekso Bionics

$1.84

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TOCA

Tocagen

$8.81

-0.18 (-2.00%)

LIQT

LiqTech

$9.29

-0.21 (-2.21%)

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TREX

Trex Company

$61.44

2.38 (4.03%)

18:45
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Trex Company CEO: There is no demand issue »

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  • 13

    Nov

CRMT

America's Car-Mart

$101.76

1.74 (1.74%)

18:34
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Earnings
America's Car-Mart reports Q4 EPS $2.07, consensus $1.82 »

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  • 22

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JCOM

j2 Global

$87.23

0.75 (0.87%)

18:25
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j2 Global CFO sells 5.6K shares of common stock »

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  • 21

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NVS

Novartis

$82.38

0.36 (0.44%)

18:24
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Novartis CEO: We are entering an exciting growth phase for the company »

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  • 23

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EADSY

Airbus

$0.00

(0.00%)

18:20
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Airbus in talks to find resolution to German arms export row, Reuters says »

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AGRO

Adecogro

$6.50

0.07 (1.09%)

18:19
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Earnings
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GOOG

Alphabet

$1,149.14

10.81 (0.95%)

, GOOGL

Alphabet Class A

$1,154.26

8.98 (0.78%)

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GOOG

Alphabet

$1,149.14

10.81 (0.95%)

GOOGL

Alphabet Class A

$1,154.26

8.98 (0.78%)

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  • 19

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HAIN

Hain Celestial

$23.90

0.45 (1.92%)

17:50
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Engaged Capital raises stake in Hain Celestial to 20.2% from 18.3% »

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NTDOY

Nintendo

$0.00

(0.00%)

17:48
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Nintendo to end 'Animal Crossing,' 'Fire Emblem' mobile game service in Belgium »

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  • 08

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URBN

Urban Outfitters

$27.01

0.05 (0.19%)

17:44
05/21/19
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Urban Outfitters sees Q2 URBN retail SSS in low single-digit negative range »

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  • 21

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GLD

SPDR Gold Shares

$120.34

-0.31 (-0.26%)

17:42
05/21/19
05/21
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Hot Stocks
SPDR Gold Shares holdings rise to 739.69MT from 736.17MT »

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ASCMA

Ascent Capital

$0.91

0.0502 (5.87%)

17:38
05/21/19
05/21
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17:38
Hot Stocks
Ascent Capital and Monitronics International announce restructuring support pact »

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TRS

TriMas

$30.33

0.39 (1.30%)

17:33
05/21/19
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17:33
Hot Stocks
TriMas VP Joshua Sherbin sells over $646K in company shares »

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