"The Board believes thoroughly evaluating all alternatives, while simultaneously continuing to execute on our current strategies and supporting our associates in doing so, are the appropriate steps to assess how best to unlock stockholder value," said
"In addition to the progress to date, we are dedicated to pursuing the right course of action for our Company and all stockholders, and are open to potential additional changes that could further maximize stockholder value. During this time, the entire Forest City team remains focused on the Company's operations and committed to closing the gap between our share trading price and net asset value."
There can be no assurance that this review will result in a strategic change or any transaction being announced or agreed upon. Although the Board of Directors expects to proceed in a timely manner, there is no timetable for completion of the review process, and Forest City does not intend to comment further on the progress or status of the review unless the Company determines that further disclosure is appropriate or required by law.
About Forest City
This press release contains forward-looking statements. Such forward-looking statements relate to future, not past, events and often address the Company's expected future actions and performance. Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," and similar words and phrases. These forward-looking statements are not guarantees of future events and involve risks, uncertainties and assumptions that are difficult to predict. All statements regarding the Board's review of operating, strategic, financial and structural alternatives and expected associated costs and benefits, including whether operating, strategic, financial and structural alternatives could unlock value, are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause the Company's actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of the Board's review of operating, strategic, financial and structural alternatives, and the risks discussed in the Company's documents filed with the
Mike Lonsway, Executive Vice President - Planning, 216-416-3325; Jeff Linton, Senior Vice President - Corporate Communication, 216-416-3558; On the Web: www.forestcity.net