Ladder Capital rejects Related’s merger bid

Mortgage REIT claims offer “undervalues” it

TRD New York /
Jan.January 25, 2018 11:10 AM

Ladder Capital Celebrating IPO on the NYSE on Feb. 6, 2014 (Credit: YouTube)

Ladder Capital rejected a takeover bid by an affiliate of Related Companies.

“After carefully reviewing the proposal, the Company’s board of directors has determined that the proposal undervalues the Company and has therefore respectfully declined the proposal as not being in the best interests of the Company or its shareholders,” Ladder’s CFO Marc Fox wrote in a filing with the Securities and Exchange Commission.

Related Fund Management last week offered to take over the mortgage real estate investment trust for $15 per share. Related already owns 8.2 percent of Ladder’s shares and offered to buy the remainder, taking the public company private.

Ladder Capital is best known for lending millions to President Trump’s businesses. The company holds a $16 million leasehold mortgage on Trump’s 40 Wall Street and a $100 million mortgage on Trump Tower.

Ladder’s share price was down 0.54 percent Thursday morning, to $14.84. The company has a market cap of more than $1.6 billion and $5.9 billion in assets.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

Silverstein gets $171M refi for 529 Fifth Avenue

Silverstein gets $171M refi for 529 Fifth Avenue
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
AIG CEO Brian Duperreault and Brooklyn Navy Yard project, with Andrew Joblon and 980 East 149th Street (Turnbridge, Brooklyn Navy Yard)

These were the top outer-borough loans in September

These were the top outer-borough loans in September
From left: 410 Tenth Avenue, 745 Fifth Avenue, One Manhattan West and 522 Fifth Avenue (Google Maps, Wikimedia)

Real estate lending bounces back in September in a big way

Real estate lending bounces back in September in a big way
Wesley Edens and 520 West 28th Street, Unit PH37 (Getty, Compass)

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...