Veris Residential continues to reject buyout offer from Kusher Cos. and Fortress Investment Group

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Veris Residential Inc. VRE, +0.84% said Friday it continues to reject a buyout price of $16 a share from Kushner Cos. and Fortress Investment Group as “grossly” undervaluing the company, according to a filing. A fresh offer letter to the company from Kushner Cos. said the deal would be financed by Fortress Investment Group, but it did not include a higher price that was already rejected by the Veris Residential’s board on Nov. 3. The company said the latest offer also “denies shareholders the substantial, long-term value expected to be unlocked from Veris Residential’s nearly complete strategic transformation.” Veris Residential shares closed at $15.79 on Wednesday, down 15.5% this year, compared to a 15.5% loss by the S&P 500 SPX, -0.05%.

This article was originally published by Marketwatch.com. Read the original article here.

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