SANTA ANA, CALIF. — Grubb & Ellis has announced that it has retained JMP Securities to explore strategic alternatives for the future of the company. In a release, the company mentioned this could include its potential sale or a merger.
“While the management team has made progress restructuring the business and driving top-line growth, 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,” said C. Michael Kojaian, chairman of Grubb & Ellis' board of directors, in a statement. “We have received unsolicited inquiries and decided that a formal process is in the best interest of all our constituents.”
Shares of the company (NYSE: GBE) opened the day trading at $1.04.
Further information could not be obtained by press time.
— Coleman Wood