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New York & Tri-State  + New Jersey  + Apartments  | 
Veris Residential owns Haus25, a luxury apartment building in Jersey City

Veris Residential Nixes Takeover Bid by Kushner Companies

Veris Residential has rejected Kushner Companies’ unsolicited offer to buy the company for $16 per share, a deal that would value Veris at about $4.3 billion including debt. In a letter to Kushner, which proposed a hostile takeover last month, the Veris board said the offer “grossly undervalues the company in its current form.” 

The letter asserted that Kushner had been unable to substantiate its equity or debt financing sources for a buyout. The board also rejected Kushner’s offer to externally manage Jersey City-based Veris, in which Kushner now owns 4.5 million shares.  

In response, Kushner chairman Charles Kushner wrote, “Kushner’s bid is fully capitalized and committed, which Kushner is happy to substantiate and disclose to the board if the board is actually interested in engaging with us… This leadership team has no clear long-term plan to maximize the value of the portfolio, nor are they the right team to execute.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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