Veris Residential Climbs 20% On Acquisition Proposal

Shares of real estate investment trust Veris Residential, Inc. (VRE) are up more than 20% Friday morning after the company confirmed that it received proposal from one of its largest shareholders, Kushner Companies to externally manage or acquire Veris for $16.00 per share.

The proposed purchase price is 30% premium to Veris’ closing price on Thursday. Veris said it is evaluating the proposal.

VRE, currently at $14.92, has traded in the range of $10.22-$19.90.

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