Veris Residential Confirms Receipt of Unsolicited Proposals from Kushner Companies

Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) has received unsolicited proposals from Kushner Companies to externally manage or acquire the company for $16.00 per share. The Board of Directors is currently evaluating these proposals with the help of financial and legal advisors, aiming to maximize shareholder value

while fulfilling its fiduciary duties. Veris Residential is known for its commitment to sustainability and community impact through its Class A multifamily properties.

Positive

• Kushner Companies has proposed acquisition at $16.00 per share, potentially increasing shareholder value.
• The Board is actively engaging with financial and legal advisors to evaluate proposals, indicating a strategic approach to maximize investor interest.

Negative

• None.

JERSEY CITY, N.J., Oct. 21, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops Class A multifamily properties, today confirmed receipt of unsolicited proposals from Kushner Companies to externally manage the Company or to acquire the Company for $16.00 per share.

Veris Residential's Board of Directors (the "Board") is evaluating Kushner Companies' latest proposals – in consultation with its financial and legal advisors – and will respond to these proposals in due course, just as it has carefully evaluated and responded to all other proposals Kushner Companies has put forth to date. Consistent with its fiduciary duties, the Board will determine the best path forward with the interests of maximizing value for all Veris Residential shareholders in mind.  

About Veris Residential, Inc.

Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit verisresidential.com.

Investors
Anna Malhari
Chief Operating Officer
investors@verisresidential.com 

Media
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
veris-residential@gasthalter.com

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SOURCE Veris Residential, Inc.

FAQ

What are the unsolicited proposals received by Veris Residential (VRE)?

Veris Residential has received unsolicited proposals from Kushner Companies to either externally manage the company or to acquire it for $16.00 per share.

What is Veris Residential's response to the proposals from Kushner Companies?

The Board of Directors is evaluating the proposals in consultation with financial and legal advisors to determine the best path forward.

What is the share price offered by Kushner Companies for Veris Residential (VRE)?

Kushner Companies has proposed an acquisition price of $16.00 per share for Veris Residential.

When did Veris Residential announce the receipt of unsolicited proposals?

Veris Residential announced the receipt of unsolicited proposals on October 21, 2022.