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Stock Market & Financial Investment News

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April 15, 2014
06:13 EDTNYRTNew York REIT to begin trading on NYSE, announces tender offer
New York REIT announced that it will begin trading on the New York Stock Exchange, having completed the listing process for its shares of common stock on NYSE. Trading of the company's stock will officially commence this morning under the ticker symbol "NYRT." The company also announced that, in conjunction with the listing of its shares of common stock on the New York Stock Exchange, it has commenced a concurrent tender offer to purchase up to 23.26M shares of its common stock at a price equal to $10.75 per share, or up to $250M worth of common stock. NYRT intends to fund the tender offer with cash on hand and funds available under NYRT's unsecured revolving credit facility. The tender offer will expire at on May 12, unless the tender offer is extended or withdrawn.
News For NYRT From The Last 14 Days
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August 19, 2014
13:11 EDTNYRTNew York REIT gets favorable ruling in Worldwide Plaza litigation
New York REIT announced that it received a favorable ruling in a suit initiated against NYRT by RXR Realty. RXR alleged that it suffered "lost profits" in connection with NYRT's purchase of Worldwide Plaza in October 2013. RXR had been in contract to purchase a 48.9% stake in Worldwide Plaza from the seller in 2013, but had not closed the acquisition. NYRT then agreed to purchase such interest in Worldwide Plaza, and RXR immediately sued to enjoin the sale to NYRT. Justice Shirley Kornreich of the Supreme Court of the State of New York denied RXR's motion for an injunction in October 2013, and the Appellate Division, First Department then denied RXR's application for an emergency stay of the sale. NYRT closed the acquisition of its stake in Worldwide Plaza, including a future option to buy the property in its entirety, on October 31, 2013. RXR then filed an amended complaint against the seller of Worldwide Plaza and NYRT for disgorgement of an alleged $200M profit NYRT obtained on the deal. The seller and NYRT filed motions to dismiss the amended complaint earlier this year. On August 12, Justice Kornreich dismissed all of RXR's claims against the seller and dismissed RXR's disgorgement claims against NYRT, permitting only a limited claim against NYRT for RXR's cost of producing due diligence-related material to proceed.

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