Mack-Cali responds to Bow Street's letter

|About: Mack-Cali Realty Corporation (CLI)|By:, SA News Editor

Mack-Cali Realty (NYSE:CLI) says it's willing to work with Bow Street to nominate two independent directors.

Mack-Cali CEO Michael J. DeMarco says the board continues to have serious concerns regarding Bow Street's proposal, including:

    Bow Street hasn't provided evidence of its ability to finance the proposed transaction;

    Unrealistic assumptions regarding post-transaction trading levels of the new residential REIT;

    New residential REIT likely wouldn't have enough cash flow to carry substantial debt, fund multifamily development, or pay meaningful dividends to stockholders;

    Sees proposed deal "grossly" undervaluing Mack-Cali's commercial assets.

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