Related Hatching New Plan To Take Over Ladder Capital
Related Cos. is reportedly looking to influence the board of real estate lender Ladder Capital Corp., following a rejection of Related’s offer to buy it for $1.5B.
Related is now considering nominating new candidates for the board in order to get the deal over the line, Bloomberg reports. Related already owns around 6.5% of Ladder, a REIT that has been a major lender to The Trump Organization.
In January, Ladder rejected Related’s offer to buy the remainder of the company for $15 per share, a move that would have privatized the public company, on the grounds the offer was too low.
Related withdrew its offer Tuesday, according to Bloomberg, saying that the company had not received any information that would have allowed it to increase its offer.
Ladder’s shares fell 5.9% to hit $14.09 Monday afternoon after Related’s offer withdrawal, but they have rebounded slightly to $14.32 per share as of 2:30 p.m. ET Tuesday.