- "We strongly believe that the announced transaction price and consideration for NorthStar Asset Management (NSAM) does not fully reflect its intrinsic value today,” says Land & Buildings' Jonathan Litt, noting NSAM owners will receive relatively small accretion to their shares, while senior executives will reap $180M thanks to a change-of-control payment (even though they get to keep their jobs!).
- Colony Capital (CLNY), says Litt, is likely to receive 30% or more earnings accretion per share, highlighting the value of the merger for CLNY owners, but not so much for NSAM holders.
- Litt sees a valuation closer to $20 per share as appropriate for NSAM (last night's close was $11.81). He's demanding a meeting with the special committee members of the board.