logo
Plus   Neg
Share
Email

Stock Alert: Paramount Climbs 11% After Rejecting Bow Street Takeover Offer

Shares of New York-based real estate investment trust Paramount Group, Inc. (PGRE) are rising more than 11 percent or $0.94 in Tuesday's morning trade at $9.23.

Monday, Paramount Group said its board of directors rejected an unsolicited proposal received on November 4 from Bow Street LLC to acquire all of the company's outstanding shares for between $9.50 and $10.00 per share in cash.

The board unanimously determined that the proposal is inadequate, significantly undervalues Paramount, and is not in the best interest of the company as well as all its stockholders.

Paramount Group has traded in a range of $5.54 to $15.00 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Best Buy said it is partnering Popsockets to bring products designed by teens from the company's community programs to its store shelves. The electronics retailer will sell the teen-designed PopGrips in its stores as part of its "Black History Month" campaign. The campaign is intended to celebrate and encourage young artists. Goldman Sachs Group Inc. (GS) on Tuesday reported a fourth-quarter profit that more than doubled from last year, reflecting a surge in investment banking revenues and lower provisions for bad loans. Net revenues for the quarter rose 18 percent. Both quarterly earnings per share and revenues topped analysts' expectations. U.S. holiday retail sales in 2020 were unexpectedly high compared to last year and came in significantly higher than the previous forecast, according to the National Retail Federation or NRF. Retail sales for the November-December 2020 holiday season grew 8.3 percent from the prior-year period to $789.4 billion. The figures exclude automobile dealers, gasoline stations and restaurants.
RELATED NEWS
Follow RTT