Related Cos.' bid to take over New York-based Ladder Capital, one of President Donald Trump's companies' largest financiers, was rejected on account of the offer being too low, The Real Deal reports.
Related Cos. purchased 8.2% of Ladder’s shares for an estimated $80M in February amid rumors that the company was up for sale. Related has since offered to purchase the remaining portion of the company for $15 per share.
After reviewing details of the offer, Ladder’s board of directors determined that it undervalued the company, which has been a major lender to The Trump Organization, providing more than $250M to the corporation, including $160M toward a ground lease at 40 Wall St.
Ladder has a market cap of $1.6B in addition to $5.9B in assets, but its share price fell Thursday morning to $14.84, down 0.54%, on news of the rejection.
