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CLI

Mack-Cali Realty

$21.74

-0.71 (-3.16%)

16:31
04/16/19
04/16
16:31
04/16/19
16:31

Mack-Cali Realty's Ceo sends letter to co-founder of Bow Street

Mack-Cali Realty announced that CEO Michael J. DeMarco sent a letter on behalf of the Company's Board of Directors to Howard Shainker, co-founder of Bow Street Special Opportunities Fund XV, regarding the previously announced unsolicited proposal from Bow Street and David Werner Real Estate Investments, or DWREI, to acquire Mack-Cali's suburban and waterfront office portfolios. DeMarco's letter was sent on April 15, prior to Bow Street's filing of its preliminary proxy statement nominating four candidates for election to the Company's Board of Directors, and before the Company's Board received the April 16 letter from Bow Street reiterating its desire to acquire Mack-Cali's suburban and waterfront office portfolio. Mr. DeMarco's letter states that the Board continues to have serious concerns regarding Bow Street's proposal, which has been previously rejected by the Board, and describes the Board's rationale for determining that Bow Street's proposal is unworkable, grossly inadequate from a value perspective and not in the best interests of Mack-Cali stockholders, including: the proposed transaction grossly undervalues Mack-Cali's commercial assets; Bow Street has not provided any evidence of its ability to finance the proposed transaction; Bow Street has not demonstrated that it understands the significant leakage that would likely result from the material tax, frictional and other costs associated with the proposed transaction, nor has it stated how it would cover such leakage; Bow Street's proposal is based on unrealistic assumptions regarding the post-transaction trading levels of the new residential REIT.

  • 02

    May

CLI Mack-Cali Realty
$21.74

-0.71 (-3.16%)

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.
01/15/19
RHCO
01/15/19
DOWNGRADE
RHCO
Hold
Mack-Cali Realty downgraded to Hold from Buy at SunTrust
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.

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