Tiger Brokers

Independence Realty Trust Shareholder Irenic Opposes Centerspace Acquisition, Urges Sale

MT Newswires Live
Sep 29

Independence Realty Trust (IRT) shareholder Irenic Capital Management said it is opposing the proposed acquisition of Centerspace (CSR).

The acquisition "lacks industrial logic" and would be "destructive" to net asset value and earnings growth, Irenic said Tuesday in a letter to the Independence Realty board.

Independence Realty should explore a sale, and any offer of at least $18 a share "would command substantial shareholder support," said Irenic, which holds about 2% of the real-estate investment trust.

Independence Realty did not immediately reply to a request for comment from MT Newswires.

Independence Realty shares rose 0.5% in Tuesday trading, and Centerspace fell 0.4%.

Price: 14.77, Change: +0.07, Percent Change: +0.48

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