Company Cites Difficult Market Conditions and Receipt of No Definitive Acquisition Proposals;
Board Reaffirms Commitment to Enhancing Shareholder Value
ATLANTA, GA, Business Wire-- Post Properties, Inc. (NYSE: PPS) announces that after five months of actively pursuing a formal process to sell the Company in an increasingly difficult market environment, it has received no definitive acquisition proposals.
All potential bidders have withdrawn from the sale process and, as a result, 
the Board has brought the process to an end. At the same time, the Board reaffirmed its commitment to actively pursue other strategies to enhance shareholder value.
the Board has brought the process to an end. At the same time, the Board reaffirmed its commitment to actively pursue other strategies to enhance shareholder value. Said David P. Stockert, (top right photo) the Company’s president and chief executive officer, “We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment.”
Mr. Stockert added, “Post’s portfolio consists of high-quality assets in desirable, in-fill locations, with a widely-recognized brand. We have a strong balance sheet and an experienced and capable management team committed to moving the Company forward.
"We remain optimistic about the longer term fundamentals for our business. We intend to actively pursue strategies to enhance shareholder value and to position the Company so that the value of its assets, business and brand is more fully realized.”
CONTACTS:
Post Properties, Inc., David P. Stockert, 404-846-5000 or
No comments:
Post a Comment