PGRE - Paramount Group rejects Monarch Alternative proposal saying it's too low

Paramount Group's (NYSE:PGRE) board has turned down Monarch Alternative Capital's proposal to acquire the office REIT for $12.00 per share in cash, saying the offer "significantly" undervalued the company. Paramount (PGRE) pointed to its recent momentum and the opportunities it sees as it capitalizes on industry tailwinds. "We achieved impressive operating performance in 2021, executing leases of more than one million square feet and our 2022 guidance demonstrates our confidence in our ability to continue to drive growth as the industry environment recovers," said Chairman, CEO, and President Albert Behler. News of the $12 per share bid sent Paramount's (PGRE) stock up 21% on Feb. 25. After rejecting the proposal, the REIT's stock is rising ~0.7% in after-hours trading to $10.75. Previously (Feb. 22), Paramount FFO  of $0.24 beats by $0.01, revenue of $184.22M beats by $2.34M

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Paramount Group rejects Monarch Alternative proposal, saying it's too low