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

  • February 26, 2024


StockStratus Properties Inc.SymbolSTRS
Date Announced02/21/2024Source Press Release
TypeUnsolicited BidAcquiring Company/Person NXSTEP Opportunity Partners

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

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