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Dissident New York REIT investors are challenging the REIT’s decision to merge with JBG, and propose to replace board members in favor of the merge with a slate of five candidates.
Two of the five proposed candidates include CEO of Winthrop Realty Trust Michael Ashner (pictured) and developer Steven Witkoff. Both are joint owners of WW Investors, a public company that owns shares of New York REIT.
“They are challenging the real estate investment trust’s decision to merge with JBG, creating a public company with properties in New York and the Washington metropolitan area, rather than sell off its assets at market prices and return cash to its stockholders,” Bloomberg reports.
The investors also accused New York REIT management of engaging in “wanton destruction of shareholder value.” [Bloomberg]
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