"We believe that PGRT is attempting to renegotiate a substantiveprovision regarding the structure of the merger to which it hadpreviously agreed," Mansur argues. "Negotiations are ongoingbetween our organization and Prime Group attempting to overcome ourdifferences and complete the planned merger."

Prime Group Realty Trust president and chief executive officerJeffrey A. Patterson declined further comment on the Prime/Mansurbid during last week's earnings conference call.

"We are optimistic that our discussions with management willlead to a resolution of our dispute and a closing of the Primeacquisition in the near future," Mansur adds. "However, if thesenegotiations are not successful, we will pursue all legal remediesavailable to us, including the enforcement of the merger agreement,which we deem to be valid and in full force and effect."

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
NOT FOR REPRINT

© 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.