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Activist gives thumbs up to Associated Estates sale

Apr. 22, 2015 12:25 PM ETAssociated Estates Realty Corporation (AEC) StockBy: Stephen Alpher, SA News Editor
  • "We are encouraged that the Board of Associated Estates (NYSE:AEC +16.5%) has chosen to enter into this transaction, which we believe is an outstanding outcome for all shareholders," says Land and Buildings founder Jonathan Litt.
  • Litt notes the purchase price is 65% higher than when Land and Buildings made public its involvement with AEC last June.
  • Noting the continually big discount of AEC's stock price to its net asset value, Litt argued for a sale as the large costs of running a public company weren't worth it for so small of an enterprise.
  • Litt can now refocus his activist energies on MGM (MGM +1.1%) and Macerich (MAC +0.8%)
  • Source: Press Release
  • Previously: Associated Estates sold to Brookfield fund in $2.5B deal (April 22)
  • Previously: MGM Resorts defends itself in investor presentation (April 20)
  • Previously: Macerich rejection still not sitting well with investors (April 16)

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