New York REIT to liquidate
The real estate investment trust will seek to sell its assets and return the proceeds to shareholders, pay off its debt and delist from the New York Stock Exchange
Aug 23, 2016 @ 11:17 am | By Bloomberg News | Investment News
New York REIT Inc., which has been under shareholder pressure to boost value, said it’s planning its liquidation, a plan some investors and analysts say the current board may be unable to carry out fairly.
The real estate investment trust will seek to sell its assets and return the proceeds to shareholders, pay off its debt and delist from the New York Stock Exchange, the company said in a statement on Monday. Between $8.73 and $11.50 a share will be returned to stockholders, according to the company. New York REIT’s management would also consider selling the company to a buyer.
The plan “will maximize value for our stockholders, while also preserving the flexibility to pursue a sale of the company, should a compelling offer that delivers superior value be made,” Chief Executive Officer Michael Happel said in the statement.
