Stratus Properties says NXSTEP proposal substantially undervalues company

Stratus Properties “confirmed that on January 24, 2024 it received an unsolicited, non-binding proposal from NXSTEP Opportunity Partners to acquire Stratus for $27.18 per share in cash, subject to adjustments. NXSTEP’s proposal was subject to a number of conditions and assumptions, including important assumptions that were incorrect. Stratus’ Board of Directors considered the proposal and determined unanimously that the proposal substantially undervalues the Company and its future prospects and is not in the best interests of the Company and its stockholders. Accordingly, the Board advised NXSTEP on February 15, 2024 that, ‘After careful deliberation, including consultation with its advisers, the Board has determined that continuing to pursue Stratus’ long-term strategy is in the best interests of Stratus and its stockholders at this time.'”