The REIT confirmed Friday that one of its biggest preferredstockholders, Westbrook Partners, has notified the company thatWestbrook is exercising its "change of control preference" right—amove that could force Burnham Pacific to stop paying common sharedividends until it buys out the stockholder.
The announcement was the latest in a series of hits to thecompany, which has seen its stock price erode steadily in recentmonths. The REIT is looking for a suitor, weighing the sale ofassets and considering other moves to stop the decline.
The board it already battling with a group led by JaySchottenstein, an Ohio-based real estate investor. Schottensteinbegan seeking to oust the board and replace management after theboard said last summer that the $13.50-a-share offer he made forthe company was too low.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
