Colony Capital, Inc.NYSE
Fri, Oct. 21, 7:32 AM
- The deal with Colony Capital (NYSE:CLNY) is "all but done," says analyst Jessica Levi-Ribner, upgrading NorthStar (NYSE:NRF) to Outperform, and boosting the price target to $16 from $12.75. The stock closed last night at $12.90.
- Previously: NorthStar and Colony amend merger agreement to win shareholder support (Oct. 17)
Mon, Oct. 17, 9:25 AM
- Among the changes are the addition of two independent directors to the combined company's board, and that all board members will stand for election annually.
- NorthStar Asset Management (NYSE:NSAM) owners will now get a special, pre-closing cash dividend of $228M ($1.16 per share) vs. the previous $128M.
- Top executives have agreed to a more shareholder-friendly severance deal.
- Along with NSAM, NorthStar Realty (NYSE:NRF) and Colony (NYSE:CLNY) plan to hold special meetings before year-end in the hopes of closing the merger in January. At closing, a quarterly dividend at an annualized rate of $1.08 per share will commence.
- MSD Capital and MSA Partners - together owning 10.2% of NSAM's stock - have agreed to vote in favor of the deal. Jonathan Litt hasn't yet been heard from.
Mon, Aug. 8, 5:34 PM
Mon, Aug. 8, 5:32 PM
Sun, Aug. 7, 5:35 PM
- AMPH, APLE, ARNA, ATSG, BKD, BLCM, BOJA, BWXT, CAI, CC, CLDX, CLNY, CLVS, CPE, CSC, CSLT, CUI, CVG, DTSI, DVA, EGN, EGY, ELNK, ENDP, ENV, FNV, HTZ, ICUI, IFF, IPHI, JPEP, KITE, LC, LXU, MAIN, MBI, MCHP, MODN, MTW, MXL, NCMI, NILE, NPTN, NUAN, NVGS, NVRO, NWSA, ONDK, OPK, OTTR, PFSW, PHH, PKY, PNM, PNNT, PRAA, PRI, RARE, RAX, RBA, RBC, REN, RMTI, ROG, RPD, RSPP, RWT, SHO, SINA, SREV, TUBE, TVIA, TWLO, VSLR, WB, WBMD, ZLTQ
Tue, Jun. 7, 3:01 PM
- The combination of NorthStar Realty Finance (NYSE:NRF), NorthStar Asset Management (NYSE:NSAM), and Colony Capital (NYSE:CLNY) is likely to result in an entity with a significantly higher debt-to-adjusted EBITDA ratio than what NSAM currently sports (less than 1.5x), says S&P.
- The current BBB- rating could be cut by one or more notches. For now, S&P will keep things on watch, and resolve the rating once the deal is completed (expected Q1 2017).
Tue, Jun. 7, 7:58 AM
- "We strongly believe that the announced transaction price and consideration for NorthStar Asset Management (NYSE: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 (NYSE: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.
Fri, Jun. 3, 1:00 PM
Fri, Jun. 3, 7:23 AM
- Upon completion of the all-stock deal, NorthStar Asset Management (NYSE:NSAM) shareholders will own 32.25% of the new Colony NorthStar, Colony Capital (NYSE:CLNY) shareholders will own 33.25%, and NorthStar Realty Finance (NYSE:NRF) shareholders 33.9%.
- NSAM owners, in addition to the regular quarterly dividend, will receive a special cash dividend of $128M.
- Colony's Thomas Barrack will be Executive Chairman of the board, NorthStar's David Hamamoto will be Executive Vice Chairman, and Colony's Richard Saltzman will be CEO.
- The companies expect about $115M in annual cost savings, $80M in cash and $35M in stock-based compensation.
- Terms: NSAM shareholders will own one share of the new company for each share of NSAM they hold; Colony shareholders will receive 1.4663 shares of the new company stock for each share of CLNY they hold; NRF shareholders will receive 1.0996 shares of the new company stock for each share of NRF they hold.
- Closing is expected in Q1 of next year.
- A conference call is set for 10 ET.
- Source: Press Release
Mon, May 9, 9:41 AM
- Q1 core FFO of $56M or $0.41 per share vs. $53.6M and $0.49 one year ago.
- Company is an owner of 15.1M shares, or 14% of Starwood Homes (NYSE:SFR) after completing the merger of Colony American Homes and Starwood Waypoint. The new company has achieved 85% of the estimated $50M in annualized synergies.
- Q1 results were shy of estimates, but does not yet reflect anticipated portfolio gains activity or investment management benefits from new funds expected to be in place by year-end.
- The conference call is at 11 ET,
- Previously: Colony Financial misses by $0.09, beats on revenue (May 9)
- CLNY flat premarket
Mon, May 9, 8:40 AM
Mon, May 9, 8:33 AM
Sun, May 8, 5:30 PM
Fri, May 6, 4:19 PM
- After a week of sleepy trading, NorthStar Asset Management (NYSE:NSAM) has leapt 16% after hours on news that Colony Capital (NYSE:CLNY) may be close to a deal to acquire it.
- That deal may come by way of partnering with NorthStar Realty Finance (NYSE:NRF), according to chatter.
- NorthStar Asset Management has been under activist pressure this year and formed a special committee in March to examine alternatives including a recombination with NorthStar Realty Finance.
- NSAM was spun off from NRF in 2013.
- Now read NorthStar Realty Finance - NorthStar Realty Europe Spin: Buy, Sell Or Hold After Q4 Earnings? »
Wed, Mar. 2, 9:51 AM
Fri, Feb. 26, 6:18 AM
- Colony Financial (NYSE:CLNY) declares $0.40/share quarterly dividend, in line with previous.
- Forward yield 9.48%
- Payable April 15; for shareholders of record March 31; ex-div March 29.