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Equity One Continues to Court Ramco

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We reported on the development last week of Equity One pursuing a merger with Ramco-Gershenson. That saga is continuing. Equity One is nominating two people to be on Ramco's board.

"We believe that electing our two independent director nominees is the best way for RPT (Ramco) shareholders to help ensure an optimal result from RPT's recently announced review of strategic alternatives," said Equity One Chief Executive Jeff Olson, in a statement.

Equity One's nominees include David J. Nettina, 56, formerly with American Financial Realty Trust and SL Green Realty Corp., and Matthew L. Ostrower, 38, formerly with Morgan Stanley. Equity One said it has no previous business relationship with either nominee.

In a statement released late Thursday, Ramco said its nominating and governance committee will "carefully consider and review the individuals proposed by Equity One and will respond in due course."

Ramco noted that it plans to complete its review of strategic alternatives "as promptly as practicable."

In a separate announcement Equity One Inc. said Thursday it is publicly offering 6.5 million shares of common stock and directly offering 2.45 million additional shares to its largest shareholder, for total proceeds of about $124 million.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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