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August 8, 2006
Ratner Sells to Parent
The Real Estate Observer
By Matthew Schuerman
Here's another one we missed (several NLG "scouts" are on vacation this month).
After news was released on Forest City Enterprises's purchase of Bruce Ratner's subsidiary, Forest City Ratner, the Observer pointed out that "investors are neither impressed nor frightened. The parent company's stock is up just a few cents since the announcement was made after the market's closing last night."
NoLandGrab: The stock price for Forest City Enterprises Class-A and Class-B shares is hardly an indication of the market's exuberance for the deal, or trepidation (based on concerns that Bruce Ratner has had trouble coming up with financing for the Atlantic Yards/NJ Nets project from traditional lending sources).
Both classes of shares are thinly traded, and a majority of the Class-B Common Stock (representing nine seats on the board) is held by family members and executives of Forest City Enterprises. [See, SEC Schedule 14A, p. 1-2 for more details.]
Posted by lumi at August 8, 2006 1:45 PM