- "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)
Activist gives thumbs up to Associated Estates sale
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Symbol | Last Price | % Chg |
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AEC | - | - |
Associated Estates Realty Corporation |