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GlobeSt.com UPDATE: Callahan Resignation May Impact EOP Stock

NEW YORK CITY-Bear Stearns says the resignation of Timothy H. Callahan from Equity Office Properties Trust may have a short-term impact on that company's stock price, but claims that it will not affect EOP's mid- to long-term prospects. As a result, Bear Stearns will not change its stock valuation of the company.

By Michael Gilliard | Updated on April 19, 2002

NEW YORK CITY-A response by Bear Stearns to the resignation of Timothy H. Callahan earlier today is concurrent with Callahan’s assertion that the decision was made for “personal reasons” and is not indicative of fundamental problems at EOP. As such, Bear Stearns will not be downgrading EOP’s stock rating or return expectation. “We would view any short-term downward pressure on the stock as a buying opportunity,” the release states.

Stearns claims the departure will not interrupt EOP operations. “We believe the mid- to longer-term prospects for EOP remain unchanged,” states the company. “As such, and without underestimating Mr. Callahan’s role in the company, we do not expect a short term interruption in the Company’s operations.” Callahan will continue to consult with EOP during the interim period.

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