MACK-CALI REALTY CORP. $23 (New York symbol CLI; Manufacturing & Industry sector; Shares outstanding: 90.3 million; Market cap: $2.1 billion; Dividend yield: 3.4%; Takeover Target Rating: Highest; www.mack-cali.com) is a New Jersey-based real estate investment trust that owns, manages and develops 74 properties in the Northeastern U.S. This includes 45 office buildings, 22 multi-family residential properties, 4 parking/retail properties, 2 hotels and an undeveloped property.
The company recently settled a dispute with activist investor Bow Street, which owns about 4.5% of Mack-Cali. It had pressured the company to spin off its apartment buildings.
As a result, Bow Street will place four of its nominees on Mack-Cali’s 15-member board of directors. As well, the company has opted out of Maryland’s unsolicited takeovers statute, which discourages hostile takeovers.
Mack-Cali has now formed a special committee of directors to evaluate ways to improve shareholder value, including the possible sale of the entire company. The REIT’s highly attractive properties in Manhattan and Brooklyn should strengthen its appeal for potential buyers.
Mack-Cali is…
Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
This privacy policy is applicable to all TSI Network Visitors, Clients, Employees, Suppliers, Web sites, Management, and all other interested parties. Any links to or from our site are not covered by this policy. We encourage you to read the privacy policies of every site that you visit.
The privacy of the site/store visitor is very important to TSI Network, and is respected at all times. The information we receive from customers helps us to personalize and continually improve your online experience at TSI Network.
We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
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