NorthStar Reaffirms Commitment To Maximizing Shareholder Value, Says Activist Investor's Demand Are An 'Attention-Grabbing Tactic'

Land and Buildings, an activist investment firm, issued a letter to NorthStar Asset Management Group Inc (NASDAQ: NSAM) which urged the company to explore strategic alternatives to maximize shareholder value, including recombining with Northstar Realty Finance Corp (NYSE: NRF).

Related Link: Northstar Realty Surges 20%, Company To Explore Strategic Alternatives

On Tuesday, NorthStar Asset Management reaffirmed its commitment to "maximizing the value of the company" and a process of exploring strategic alternatives has already been underway. The company has tasked 3 independent directors to engage with separate independent legal advisors to "bolster a process focused on maximizing shareholder value."

The company added that while the process is ongoing, recent recommendations from Land and Buildings contains "significant factual errors" and is "merely an attention-grabbing tactic for an ill-conceived proxy campaign."

Shares of NorthStar Asset Management were trading lower by nearly 1.50 percent at $10.77 mid-Tuesday afternoon while shares of Northstar Realty were higher by 1.68 percent at $12.70.