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CLI

Mack-Cali Realty

$22.45

-0.06 (-0.27%)

08:10
04/16/19
04/16
08:10
04/16/19
08:10

Mack-Cali holder Bow Street issues letter to board reiterating deal proposal

Bow Street, a New York-based investment firm that beneficially owns approximately 4.5% of the outstanding shares of common stock of Mack-Cali, sent a letter to Mack-Cali's board reiterating its proposal to acquire Mack-Cali's office portfolio and highlighting the need for a reconstituted Mack-Cali board that is willing to seriously explore all solutions to maximize stockholder value. Under the terms of the proposal, Mack-Cali stockholders will receive expected net cash consideration of $8-$10 per Mack-Cali share as well as an equity distribution of a new, high-growth apartment REIT, comprised of Mack-Cali's current multifamily portfolio with a calculated net asset value of $19.20 per share. As detailed in its letter, Bow Street's proposal, made in partnership with DWREI LLC and first shared with the board on February 25, was hastily and publicly rejected prior to any meaningful inquiry from the company regarding valuation, structure, tax or other implications for stockholders. Bow Street "strongly believes that the board's perfunctory response suggests an alarming lack of commitment to good governance and long-term stockholder value, as well as an unwillingness to explore value-maximizing opportunities following years of company underperformance. Accordingly, Bow Street has nominated four highly-qualified, independent director candidates for election to the board at the 2019 Annual Meeting of Stockholders to ensure the board seriously evaluates all solutions that may achieve a superior result for stockholders."

  • 02

    May

CLI Mack-Cali Realty
$22.45

-0.06 (-0.27%)

03/19/19
BTIG
03/19/19
UPGRADE
Target $26
BTIG
Buy
Mack-Cali Realty upgraded to Buy from Neutral at BTIG
BTIG analyst Thomas Catherwood upgraded Mack-Cali Realty to Buy with a price target of $26, saying the latest unsolicited offer for the company's office assets from Bow Street could be "just the start". In spite of its challenges in producing "sustainable growth" for its portfolio, the analyst believes that the REIT could be near an upward inflection point, adding that while this latest offer may be "insufficient", it may cause investors to reconsider the stock.
01/15/19
RHCO
01/15/19
DOWNGRADE
RHCO
Hold
Mack-Cali Realty downgraded to Hold from Buy at SunTrust
10/05/18
JPMS
10/05/18
DOWNGRADE
Target $24
JPMS
Neutral
Mack-Cali Realty downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Anthony Paolone downgraded Mack-Cali Realty to Neutral with an unchanged price target of $24. The analyst believes the company has had a difficult time finding leasing momentum to backfill key New Jersey waterfront office vacancies. As such, he sees more attractive opportunities elsewhere in the sector.

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