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Tom Rizk Abandons Mack-Cali Takeover Citing a Lack of Engagement

  • New Jersey-based REIT launched a strategic review last year
  • Suitor says it had $1.8 billion in financing lined up for deal
The Manhattan skyline is seen from Jersey City, New Jersey.
Photographer: Christopher Occhicone/Bloomberg
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Former Mack-Cali Realty Corp. Chief Executive Officer Tom Rizk has abandoned efforts to take over the real estate investment trust.

“We do so reluctantly, but we have no choice as it has become abundantly clear that the company is refusing to engage with us in any substantive way,” Rizk wrote in a Feb. 23 letter to Mack-Cali’s board, citing “good-faith attempts” by his Rizk Ventures LLC to negotiate a deal.