InsideArbitrage Potential Deal Alert: Stratus Properties Responds to Unsolicited Proposal From NXSTEP

POTENTIAL DEAL DETAILS

On February 21, 2024, Stratus Properties Inc. (STRS) confirmed that on January 24, 2024, it received an unsolicited, non-binding proposal from NXSTEP Opportunity Partners to acquire Stratus for $27.18 per share in cash, which was subject to various conditions and based on several assumptions that Stratus found incorrect. Stratus Properties turned down the proposal from NXSTEP Opportunity Partners, considering the offer inadequate.

Oasis Management Company, a shareholder of Stratus, disclosed an agreement supporting NXSTEP’s bid, following which NXSTEP revised its offer slightly to an estimated $27.30 per share. Stratus’ Board plans to consider these matters consistent with its fiduciary duties and respond to NXSTEP in due course.

Stratus Properties Investor Relations

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.