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Cedar Realty Reaches Agreement with Activist Shareholder Snow Park

Snow Park agrees to end its activist campaign but the sexual harassment lawsuit against Cedar Realty’s CEO continues.

Cedar Realty HQ Cedar Realty headquarters in Port Washington, NY

NEW YORK CITY—Cedar Realty Trust reached a settlement agreement with Snow Park Capital Partners, which is a 3.9% common stock shareholder. Under the deal, Snow Park will be consulted and can interview the candidate to fill the Cedar Realty board director position left open by Paul Kirk. On Feb. 15, 2018, Cedar Realty had announced Kirk’s retirement, following his 13 years of service. Kirk had previously served as a US senator for the state of Massachusetts.

In return, Snow Park has agreed to vote all of its shares in support of all of Cedar’s director nominees at the 2018 annual meeting and to end its activist campaign. Last September, Snow Park built a stake in Cedar Realty and in the fall publicly urged the REIT to consider strategic alternatives including potential sale.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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