Kushner says $18.50 offer for Veris Residential remains outstanding

Kushner, which identifies itself as "one of the largest shareholders" of Veris Residential, sent a letter to Fellow Veris shareholders, in which it stated in part: "We, Kushner Companies, write to you as a substantial shareholder of Veris, owning over 4.5 million shares. Over the past 10 months, we have made repeated efforts to advance a value-maximizing transaction for Veris shareholders and have been frustrated by the Veris Board’s lack of constructive engagement or transparency. We know that many of you share our frustration. When we first made a public offer of $16.00 per share on October 20, 2022, the Veris Board claimed that we did not have financing to complete the offer. We quickly substantiated our fully financed offer with assurances from our financing partners and made this fact publicly clear to other shareholders. After we raised our offer to $18.50 per share on December 9, 2022, our financing sources directly and personally communicated their full commitment to financing our offer to Veris’ financial and legal advisors at their request… The Veris Board has consistently demonstrated a reluctance to explain what they believe is the Company’s fair value and why that value is justified. Instead, they have insisted on our execution of a broad and one-sided standstill as a precondition to any meaningful price discovery. The restrictions which your Board wants to impose on us in any negotiation process would severely limit our ability to transparently communicate with you or to take steps that would benefit all shareholders. As we have communicated time and again to the Board, we are concerned, based on its actions to date, that the Board and management team are entrenched, with no desire to engage in a genuine dialogue that might lead to a high premium, all-cash sale of the Company. Despite your Board’s ongoing intransigence, our objective has not changed-we are prepared to execute a transaction at a price that fairly values your shares. Our fully financed all-cash offer for $18.50 remains outstanding, as does, for now, our willingness to constructively engage with the Board to see if we can go higher."