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Forest City Realty wraps up stock reclassification

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Forest City Realty wraps up stock reclassification

Forest City Realty Trust Inc. completed a transaction to eliminate its dual-class stock structure, effective June 12, shortly after the company's stockholders approved a proposal to create a single class of stock.

Accordingly, each share of the company's class B common stock issued and outstanding immediately prior to June 12 was automatically reclassified and exchanged into 1.31 shares of its class A common stock and cash in lieu of fractional shares of the class A shares.

Meanwhile, its class B common shares are no longer deemed to be outstanding as class B common stock and all rights of the holders of such shares have ceased and become rights of holders of class A common shares, except for the right to class A common shares and cash in lieu of fractional shares of class A common stock.

The company sought to eliminate the dual-class share structure as part of a deal that would guarantee Ratner family members are nominated to the board through 2021, provided the family maintains a specified level of share ownership.