In truly disappointing fashion, CBRE Realty Finance (CBF) and Arbor Realty Trust (ABR) ended their long-standing catfight with the disclosure of a 12-month standstill agreement. Arbor agreed to drop its proxy contest and agreed to vote in favor of CBRE’s Board nominees in exchange for the right to bid on CBF should it choose to sell itself within the next 12 months.
Not much in it for Arbor, but then the $8/share they bid for CBF last fall isn’t looking so hot right now either.
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