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CreXus Rejects $254M Starwood Bid
CreXus Investment has turned down Connecticut-based Starwood Property Trust’s buyout offer.
CreXus Investmenthas turned down Connecticut-basedStarwood Property Trust’s buyout offer,Bloombergreports. Starwood Property,founded byBarry Sternlicht, had offered $254 million for the mortgage REIT.
The New York-based firm sold 50 million shares for $539 million to fund the purchase of a real estate loan portfolio fromBarclays. Starwood had planned to withdraw its proposal for CreXus if the stock sale occurred.
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