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Columbia Property Trust, Inc. (NYSE:CXP) today issued the following statement:
Columbia’s Board and management team regularly evaluate opportunities to enhance shareholder value and will continue to take steps to achieve this objective for the benefit of all shareholders. In doing so, the Board and management team will continue to take into account the valuable input and perspectives that our shareholders share with us.
Consistent with these commitments, the Board has commenced a thorough review of Columbia’s business, strategies and positioning, including undertaking a comprehensive strategic alternatives review process that will include outreach to, and identification of, potential transaction counterparties. Morgan Stanley & Co. LLC and Wachtell, Lipton, Rosen & Katz have been retained as financial and legal advisors, respectively, in support of this strategic review process. There is no deadline or definitive timetable set for completion of this review, and there is no assurance that this process will result in any transaction, including the Company’s sale, privatization, or entry into a business combination.
In the face of the COVID-19 pandemic, Columbia has maintained seamless operations, strengthened its balance sheet, and delivered solid financial performance throughout 2020 while protecting the health and safety of our employees and tenants. The strength of the Company, despite unprecedented challenges across our industry, and the previously announced interest expressed by a bidding group, reflect the resilience of our strategy, the quality of Columbia’s modernized portfolio of well-located and unique assets, and our Board and management team’s dedication to creating and capturing value for shareholders.
Columbia previously confirmed that it had received an unsolicited, non-binding proposal from various affiliates associated with Arkhouse Partners LLC, AS8888 LLC, TSE 88 LLC, Sapir Global Corp., and 8F Investment Partners Pte. Ltd. (collectively, the “bidding group”) regarding acquiring all of the Company’s outstanding shares. Columbia will continue to seek to engage constructively with the bidding group and consider the bidding group’s proposal as part of Columbia’s broader strategic review process, including an assessment of potential counterparties and alternatives.
Columbia shareholders do not need to take any action at this time, and Columbia does not intend to update these statements except as may be required by law.
Posted In: CXP
