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CORRECTED-UPDATE 1-Cedar Realty Trust rejects offer from commercial REIT Wheeler
November 27, 2017 / 11:49 AM / in 16 days

CORRECTED-UPDATE 1-Cedar Realty Trust rejects offer from commercial REIT Wheeler

(Corrects reference to Snow Park backing offer in second paragraph)

Nov 27 (Reuters) - U.S. shopping center owner Cedar Realty Trust Inc said on Monday it was rejecting an unsolicited offer from Wheeler Real Estate Investment Trust to combine the two companies.

Cedar said the offer, which it said it believed was encouraged by activist hedge fund Snow Park Capital, was “unrealistic” and cited Wheeler’s poor returns and performance for rejecting it.

Wheeler has a market cap of $88.8 million and Cedar’s is $553.4 million, according to Reuters calculations.

Cedar said the sizes of the two companies were “incompatible”.

Last month, Snow Park Capital sent a letter to Cedar urging the company to explore options, including a potential sale.

Wheeler is a self-managed commercial real estate investment company whose major tenants include Kroger Co and Dollar Tree Inc.

Reporting by Sanjana Shivdas; Editing by Martina D'Couto

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