In March, Mack-Cali Realty Corp. turned down an offer of more than $2.4 billion from Bow Street for its top waterfront and suburban office buildings, citing a “grossly inadequate” valuation. At that time, Bow Street did not release its official proposal.
Bow Street is a New York–based investment firm that owns approximately 4.5 percent of the outstanding shares of common stock of Mack-Cali Corp.
Bow Street released its official proposal on April 16. As detailed in its letter, Bow Street’s proposal, made in partnership with DWREI LLC and first shared with the Mack-Cali Board on February 25, 2019, was hastily and publicly rejected prior to any meaningful inquiry from the company regarding valuation, structure, tax or other implicat
