2023-03-20 12:47:36 ET
- iStar ( NYSE: STAR ) said Monday its board has conditionally declared a pro rata distribution of 0.153 common shares of Star Holdings for each share of iStar common stock outstanding as of March 27, 2023, the record date for the distribution.
- The distribution will effectuate the previously-announced spin-off of iStar's legacy assets business.
- The spin-off of Star Holdings is a condition to the closing of iStar's planned merger with Safehold ( NYSE: SAFE ).
- iStar currently expects the distribution to be made before the open of trading on March 31, 2023, or on a date as promptly as practicable thereafter, subject to the satisfaction of the conditions to the spin-off.
- iStar expects to complete the merger with Safehold immediately following the distribution, subject to the satisfaction of the closing conditions to the merger.
- Press Release .
For further details see:
iStar provides spin-off details as part of condition for planned Safehold merger