Grubb & Ellis explores options for merger, sale
Grubb & Ellis Co. said in a regulatory filing that it has hired investment bank JMP Securities LLC to help the company consider strategic alternatives, including a sale or merger, Bloomberg reported.
The Santa Ana, Calif.-based commercial real estate advisory firm, with a market capitalization of $68 million, also announced Monday that it will not pay a quarterly dividend to holders of its 12 percent convertible preferred stock.
“We believe now is the time to explore opportunities on how to best leverage the broad platform and capabilities of the company into an improving market for the benefit of all stakeholders,” C. Michael Kojaian, Grubb & Ellis’ chairman, said in a statement.
The company, which exited the Des Moines market in late 2009 when Mid-America Group announced that it would close its Grubb & Ellis/Mid-America Commercial division, has watched its stock drop by 23 percent, Bloomberg said.