SEC Filings
Form DEFM14A
FOREST CITY REALTY TRUST, INC. filed this Form DEFM14A on 10/12/2018
Document Outline
Entire Document (1984.9 KB)
Subdocument 1 - DEFM14A - DEFM14A
Page 1 - UNITED STATES
Page 2 - special meeting ) of Forest City Realty Trust, Inc., a Maryland corporation ( Forest City or we ), t
Page 3 - Neither the U.S. Securities and Exchange Commission nor any state securities regulatory agency has a
Page 4 - FOREST CITY REALTY TRUST, INC.
Page 5 - Your vote is important. Whether or not you expect to attend the special meeting in person, we urge y
Page 6 - PROXY STATEMENT
Page 7 - N/A
Page 8 - N/A
Page 9 - SUMMARY
Page 10 - Brookfield Parties
Page 11 - The Special Meeting (page 28)
Page 12 - Required Vote
Page 13 - 401(k) Plan ), by 11:59 p.m. Eastern Time on November 12, 2018), (ii) calling 1-800-690-6903 by 11:5
Page 14 - In connection with Lazard s services as financial advisor to the Company with respect to the merger,
Page 15 - Interests of Our Directors and Executive Officers in the Merger (page 85)
Page 16 - Treatment of Purchase Rights Under the Employee Stock Purchase Plan (page 101)
Page 17 - Acquisition Proposals (page 109)
Page 18 - Termination of the Merger Agreement (page 116)
Page 19 - IRS ) or a court may disagree with this treatment by the Company.
Page 20 - QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
Page 21 - How do I vote or authorize a proxy to vote my shares?
Page 22 - What constitutes a quorum?
Page 23 - As a holder of common stock, what will I receive in the merger?
Page 24 - Will I receive any regular quarterly dividends with respect to the common stock that I own?
Page 25 - What if I return my proxy card without indicating how to vote?
Page 26 - If your shares are represented by stock certificates and continue to be so represented through the d
Page 27 - Where can I find additional information on the Company?
Page 28 - CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Page 29 - N/A
Page 30 - PROPOSALS TO BE VOTED ON
Page 31 - Proposal 2 Non-Binding, Advisory Vote on Merger-Related Compensation for the Company s Named Executi
Page 32 - N/A
Page 33 - Vote Required and Recommendation
Page 34 - N/A
Page 35 - Proposal 3 Proposal to Approve Adjournments of the Special Meeting
Page 36 - THE SPECIAL MEETING
Page 37 - Required Vote
Page 38 - Solicitation of Proxies
Page 39 - THE MERGER
Page 40 - Background of the Merger
Page 41 - built-in gains period ), such as by selling any such asset, then, subject to the availability of net
Page 42 - Sponsor A ) each made several requests that Brookfield and Sponsor A be permitted to partner with ea
Page 43 - Strategic A and Strategic B ) submitted Round 1 indications that contemplated structured, tax-effici
Page 44 - initial transaction committee ). The initial transaction committee replaced the informal steering gr
Page 45 - N/A
Page 46 - Round 2 process letter ), along with the form of merger agreement, to Brookfield, Sponsor A, Sponsor
Page 47 - QIC ), that Sponsor A would revise its valuation of the Company to $22.60 per share to reflect the d
Page 48 - RemainCo plan ) and that representatives of Lazard and Goldman Sachs contact representatives of Stra
Page 49 - Exclusivity Period ).
Page 50 - selected assets ) would be appropriate as such information could be helpful to our Board in connecti
Page 51 - February 19 draft ). With respect to closing certainty, the February 19 draft contemplated: (1) that
Page 52 - February 27 draft ). With respect to closing certainty, the February 27 draft: (1) did not accept th
Page 53 - March 2 draft ) and a draft merger support agreement that the Brookfield Parties proposed to enter i
Page 54 - March 7 Conditions ). Representatives of Skadden also provided to representatives of Sullivan Cromwe
Page 55 - March 13 proposal ), which contemplated a fully financed, binding proposal to acquire us for $25.00
Page 56 - April 16 proposal ). As with the March 7 proposal, the April 16 proposal contemplated a fully financ
Page 57 - June 6 proposal ). The June 6 Proposal contemplated an acquisition of the Company on the same terms
Page 58 - Wachtell Lipton ) to provide legal advice regarding these subjects.
Page 59 - employee matters proposal ) (with all directors supporting the employee matters proposal). As of thi
Page 60 - transaction committee ) comprised of Messrs. LaRue, Metz and Ordan to work with and direct managemen
Page 61 - No-Shop Termination Proposal ), as described in the section entitled The Merger Agreement Terminatio
Page 62 - Weil Gotshal ), financing counsel to Brookfield, provided representatives of Sullivan Cromwell with
Page 63 - N/A
Page 64 - N/A
Page 65 - N/A
Page 66 - N/A
Page 67 - N/A
Page 68 - N/A
Page 69 - N/A
Page 70 - Opinion of Lazard
Page 71 - N/A
Page 72 - Summary of Lazard Financial Analyses
Page 73 - N/A
Page 74 - N/A
Page 75 - Other Analyses
Page 76 - N/A
Page 77 - Miscellaneous
Page 78 - The full text of the written opinion of Goldman Sachs, dated July 30, 2018, which sets forth assumpt
Page 79 - Implied Premiums and Multiples Analysis
Page 80 - Net Debt ) as of June 30, 2018.
Page 81 - Illustrative Discounted Dividend Analysis for the Company
Page 82 - General
Page 83 - NAV Estimates
Page 84 - N/A
Page 85 - N/A
Page 86 - N/A
Page 87 - Unaudited Prospective Financial Information
Page 88 - Final Business Case Projections
Page 89 - Prior Business Case Projections
Page 90 - N/A
Page 91 - The inclusion of a summary of the financial projections and NAV information and accompanying narrati
Page 92 - Debt Commitment Letter
Page 93 - Limited Guaranty
Page 94 - N/A
Page 95 - Employment Agreements
Page 96 - Change of Control Agreements
Page 97 - Plans Applicable to Mr. Ronald Ratner
Page 98 - Indemnification; Directors and Officers Insurance
Page 99 - articles of merger with respect to the merger with, and the acceptance of such articles of merger fo
Page 100 - ALL HOLDERS OF OUR COMMON STOCK SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSE
Page 101 - N/A
Page 102 - FIRPTA ). Under this statute, such a distribution is taxed to a non-U.S. stockholder as if the gain
Page 103 - N/A
Page 104 - Medicare Tax
Page 105 - Merger Support Agreements
Page 106 - THE MERGER AGREEMENT
Page 107 - Organizational Documents
Page 108 - N/A
Page 109 - Company ESPP
Page 110 - confidential disclosure schedule ). These representations and warranties relate to, among other thin
Page 111 - Material Adverse Effect
Page 112 - Special REIT Taxable Income Distribution
Page 113 - N/A
Page 114 - N/A
Page 115 - N/A
Page 116 - N/A
Page 117 - Stockholder Meeting
Page 118 - Change of Recommendation
Page 119 - N/A
Page 120 - Regulatory Efforts
Page 121 - Financing Cooperation
Page 122 - Pre-Closing Restructuring
Page 123 - Certain Other Covenants
Page 124 - Termination of the Merger Agreement
Page 125 - N/A
Page 126 - Termination Fee
Page 127 - Amendment and Waiver
Page 128 - OWNERSHIP OF COMPANY STOCK
Page 129 - Security Ownership of Directors and Executive Officers
Page 130 - N/A
Page 131 - NO DISSENTERS RIGHTS OR RIGHTS OF OBJECTING STOCKHOLDERS
Page 132 - STOCKHOLDERS SHARING THE SAME ADDRESS
Page 133 - INFORMATION INCORPORATED BY REFERENCE
Page 134 - Call Toll-Free (800) 322-2885
Page 135 - Annex A
Page 136 - TABLE OF CONTENTS
Page 137 - N/A
Page 138 - EXHIBITS AND ANNEXES
Page 139 - Agreement ), dated as of July 30, 2018, is by and among Forest City Realty Trust, Inc., a Maryland c
Page 140 - Closing ) will take place at the offices of Sullivan Cromwell LLP, 125 Broad Street, New York, New Y
Page 141 - ARTICLE III
Page 142 - Payment Fund ). The Payment Fund will not be used for any purpose other than a purpose expressly pro
Page 143 - Company Option ) under the Stock Plan (as defined in Section 5.2(a)) intended to qualify as an incen
Page 144 - Company Restricted Share ) under the Stock Plan, will, automatically and without any required action
Page 145 - and (y) cause the Stock Plan to terminate at or prior to the Effective Time.
Page 146 - Preferred Shares ). At the close of business on July 27, 2018, (i) 267,881,900 Shares were issued an
Page 147 - Securities Act ). There are no outstanding contractual obligations of the Company or any Subsidiary
Page 148 - Bankruptcy and Equity Exception ).
Page 149 - Contract ), except in the case of clauses (ii) and (iii) above, any such breach, violation, notice,
Page 150 - GAAP ). The Company has disclosed as of the date hereof, based on the most recent evaluation of its
Page 151 - Action ) before any Governmental Authority pending or, to the Knowledge of the Company, threatened i
Page 152 - ERISA Affiliate means all employers (whether or not incorporated) that would be treated together wit
Page 153 - Laws ) and Orders applicable to the Company and its Subsidiaries, except for failures or violations
Page 154 - Company Permits ), and all such Company Permits are valid and in full force and effect, except where
Page 155 - Material Contract ) which:
Page 156 - N/A
Page 157 - Company Property and collectively, the Company Properties ), which schedule (A) identifies all of th
Page 158 - Material Company Leases ), in each case in effect as of the date hereof, have been made available to
Page 159 - Qualified REIT Subsidiary ), (iii) a taxable REIT subsidiary within the meaning of Section 856(1) of
Page 160 - N/A
Page 161 - Company OP ) is a party or otherwise providing with respect to any Subsidiary, JV or other Person in
Page 162 - Financing Purposes ).
Page 163 - Equity Financing ), and (ii) an executed debt commitment letter and executed fee letter associated t
Page 164 - N/A
Page 165 - ARTICLE VII
Page 166 - N/A
Page 167 - Existing Loan Documents ) secured solely by Company Property in the ordinary course of business cons
Page 168 - Capital Expenditures ) other than (1) the Capital Expenditures listed or identified in Section 7.1(b
Page 169 - N/A
Page 170 - Change of Ownership Forms ) or compile any historical information reasonably necessary to confirm th
Page 171 - Representatives ) not to, directly or indirectly:
Page 172 - Change of Recommendation .
Page 173 - N/A
Page 174 - Proxy Statement ) in preliminary form. Each of Parent and Merger Sub shall furnish all information c
Page 175 - N/A
Page 176 - Company Stockholders Meeting ), for the purpose of obtaining the Requisite Stockholder Vote and will
Page 177 - FTC ), the U.S. Department of Justice (the DOJ ) or any other domestic or foreign Governmental Autho
Page 178 - N/A
Page 179 - N/A
Page 180 - Continuing Employee ) will, during the period commencing at the Effective Time and ending on the fir
Page 181 - Indemnified Parties ), against any costs or expenses (including reasonable attorneys fees), judgment
Page 182 - Tail Period ) from one or more insurance carriers with the same or better credit rating as the Compa
Page 183 - Transaction Litigation ) and shall keep Parent reasonably informed regarding any Transaction Litigat
Page 184 - Debt Documents ), in each case, which would reasonably be expected to delay or impair the Closing or
Page 185 - and the Financing Sources Protection Provisions shall be applicable to the Alternative Financing, an
Page 186 - Required Financial Information );
Page 187 - N/A
Page 188 - Restructuring Steps ) and (b) subject to Section 7.6, provide any access or information reasonably r
Page 189 - ARTICLE VIII
Page 190 - N/A
Page 191 - ARTICLE IX
Page 192 - N/A
Page 193 - Acquisition Proposal will be deemed to be references to 50% ;
Page 194 - N/A
Page 195 - Section 9.5(d) Amount ), then:
Page 196 - Parent REIT Affiliate ) upon the payment of such amounts to Parent, the amount paid to Parent pursua
Page 197 - ARTICLE X
Page 198 - Maryland Courts ) in connection with any matter based upon or arising out of or relating to this Agr
Page 199 - N/A
Page 200 - Liability Limitation ), and in no event shall the Company, its Subsidiaries, or its Affiliates seek
Page 201 - N/A
Page 202 - Parent Related Party ), in each case, shall have any liability (whether in contract, tort, equity or
Page 203 - dollars or $ will mean U.S. dollars.
Page 204 - Affiliate means a Person that directly or indirectly, through one or more intermediaries, controls,
Page 205 - Hazardous Substance means (a) any petrochemical or petroleum products, radioactive materials, asbest
Page 206 - Marketing Period means the first period of fifteen (15) consecutive business days commencing after t
Page 207 - Material Property Adverse Effect means any event, circumstance, change or effect that is material an
Page 208 - Parent Title Insurance Commitments means those title insurance commitments obtained by Parent or any
Page 209 - SEC means the U.S. Securities and Exchange Commission.
Page 210 - N/A
Page 211 - N/A
Page 212 - ANNEX A
Page 213 - N/A
Page 214 - N/A
Page 215 - N/A
Page 216 - Annex B
Page 217 - N/A
Page 218 - N/A
Page 219 - Annex C
Page 220 - N/A
Page 221 - N/A
Page 222 - THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.
Page 223 - N/A
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