Wheeler REIT (WHLR) Announces Response to Cedar Realty Trust Inc. (CDR); Requests Meeting to Enhance Shareholder Value
Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) announced today its response to a public announcement by Cedar Realty Trust, Inc. (NYSE: CDR) relating to recent correspondence between Wheeler and Cedar. On November 22, 2017, Wheeler sent a letter to Cedar’s Board of Directors suggesting that representatives of Wheeler and Cedar meet to discuss possible methods to enhance shareholder value in both companies. On November 27, 2017, Cedar responded to Wheeler’s correspondence by publicly releasing incorrect information suggesting that Wheeler offered to purchase Cedar. In fact, the letter from Wheeler to Cedar’s Board of Directors was simply a request for a meeting to discuss methods to enhance shareholder value, including possible acquisition opportunities. Wheeler’s correspondence did not include an offer.
As part of its normal operations, both Wheeler management and its Board of Directors will continue to review opportunities and strategies designed to increase shareholder value.