(Finance) – The stock moves downwards LXP Industrial Trust which is yielding about 13%.
The decision of the real estate group to suspend the evaluation process of strategic alternatives, previously announced, contributes to weighing on the shares.
The board, with the support of its independent financial and legal advisors, conducted a robust and thorough review process and discussed with a wide range of strategic and financial investors about potential alternatives, including a sale or merger of the company. and other operations. Feedback from multiple potential counterparties reaffirmed the attractiveness of the company’s portfolio and validated LXP’s transformation strategy. The feedback also cited significant changes in macroeconomic, geopolitical and financial conditions since the start of the review process on February 8, 2022, which have had a significant impact on M&A matters.
As a result, the Board unanimously agreed that the best path for shareholders to take right now is for LXP to continue to operate as an independent company and implement its growth strategy, completing the final stages of its portfolio transformation. Therefore, the board suspended the review process.