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Analysis

Hostile Takeover Battle Between Kushner Cos and Veris Residential Continues

Veris fires back after Kushner had publicly provided details that it said backed up its mismanagement charges targeting the REIT.

When Kushner Cos. sent a hostile bid letter dated October 20 to rival Veris Residential, claiming poor management resulting in a significant reduction of value, then offering to acquire all outstanding shares of the REIT for $16 per share, things seemed a bit vague.

Sharp criticisms in the letter lacked detailed substantiation and were impossible to immediately verify. A remark in the letter from chairman Charles Kushner about “attempts at fruitful engagement with the Board and management over the last several months” seems a reference to Kushner’s claim of a Veris board non-response to its wish to manage the REIT’s properties.

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Erik Sherman

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