KENNER, LA-In an early morning wake-up call, Sizeler Property Investors Inc. has disclosed that its board chairman, Mark M. Tanz, has stepped down "for personal reasons." The top exec has been under fire since Sizeler announced plans to merge with Canadian-based Revenue Properties Trust and Morguard Corp.
Sizeler's top leaders couldn't be reached for comment prior to deadline about Tanz's decision to vacate the helm. The board has appointed William G. Byrnes as the new chairman, but doesn't intend to fill Tanz's open seat, according to this morning's press release.
Sizeler stock was trading at $15.08 per share at mid-morning, dipping two cents per share from the opening quote and 0.07% from yesterday's NYSE closing. Sizeler has fallen under shareholders' scrutiny since the merger plan was announced, particularly for Tanz's past and present affiliations with the proposed buying group.
Compson Holdings Co. of Boca Raton, FL has made a counter offer despite previous rejections. The Sizeler REIT has yet to respond to date.
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