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UDR Says Not Engaged In Direct Buyout Talks With Mack-Cali

Responding to media reports concerning UDR's interest in Mack-Cali Realty, UDR Inc. (UDR) said Monday that it has not engaged in direct dialogue or correspondence with the Board of Directors or the management team of Mack-Cali Realty.

In addition, UDR said that, as of February 7, it ceased all preliminary discussions regarding a potential transaction with Rizk Ventures, which is founded by former CEO of Mack-Cali Realty Thomas Rizk.

On February 28, Mack-Cali Realty released a letter that Mack-Cali sent to Rizk Ventures on February 5, in response to an indication of interest previously submitted by Rizk Ventures with respect to a potential acquisition of Mack-Cali.
Mack-Cali released its February 5, letter in response to an article published by Bloomberg on February 24, which quoted certain statements made by Rizk Ventures in its letter to the Company, dated February 23,in which Rizk Ventures stated that it was no longer interested in pursuing a transaction and accused Mack-Cali and its Board of Directors of refusing to engage with Rizk Ventures regarding its acquisition proposal.
Mack-Cali requested certain information that it needed to evaluate the proposal, and Rizk never provided the requested information, Mack-Cali had said.

Mack-Cali said that Rizk Ventures's January 31 letter did not specify a price or form of consideration, the amount of equity proposed to be funded by Rizk Ventures, and equity financing sources.

Despite the references to the "Buyer Group" in Rizk's letter, Mack-Cali said Friday it has not received any confirmation that UDR is prepared to participate in a potential transaction, any information about the amount of equity expected to be contributed by UDR, or evidence that UDR is aware of the fact that Rizk's indication of interest describes UDR as a potential acquiror.

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