Deals
Activist Investor Litt Objects to NorthStar-Colony Capital Deal
- Shareholder says NorthStar Asset Management is undervalued
- Litt seeks meeting with members of special committee
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Jonathan Litt, the activist investor who runs Land & Buildings Investment Management, said NorthStar Asset Management Group Inc. shareholders aren’t being compensated fairly in a planned merger between the company, Colony Capital Inc. and NorthStar Realty Finance Corp.
“We strongly believe that the announced transaction price and consideration for NSAM does not fully reflect its intrinsic value today,” Litt said in a letter to management Monday. “We urge the NSAM board to engage with shareholders immediately to address the woefully inadequate nature of the transaction as currently structured.”