The pending Colony Northstar merger (described in prior articles) did not address the future of Northstar Realty Europe (NRE). NRE claims to be undervalued for reasons similar to Northstar Realty Finance (NRF) (see NRE presentation): Share price ($9.86 on 10/27) is well below Net Asset Value independently assessed at $16.64 at 6/30/16. Quarterly dividend of … Continue reading No Real Excitement for Northstar Realty Europe
Activist shareholders of Northstar Asset Management (NYSE:NSAM) have signaled an intention to vote against the proposed three way merger with Colony Capital and Northstar Realty Finance. Background in prior articles Colony Northstar: Will this team of overpaid former all-stars end up like the Brooklyn Nets? describes the merger transaction and the problems at NSAM and Northstar Realty … Continue reading Does the Colony Northstar Merger Offer Fair Value to NSAM Shareholders?
Shares of the Colony Northstar merger parties have rebounded from their initial collapse after the announcement creating "A world-class diversified real estate and investment management platform": The background of the merger and the potential benefits were described in my earlier article (Colony Northstar: Will this team of overpaid former all-stars end up like the Brooklyn … Continue reading Colony Northstar: Merger Pros and Cons for NSAM
(slightly revised 7/6/16) In one month after the announcement of a merger creating "A world-class diversified real estate and investment management platform", shares of the three merger parties shares are all down sharply: While the merger does not meet unrealistic expectations of some Northstar Realty (NRF ) and Northstar Asset Management (NSAM) holders the combination would … Continue reading Colony Northstar: Will this team of overpaid former all-stars end up like the Brooklyn Nets?