Consolidated-Tomoka Land Co. disclosed additional information on its recently concluded strategic review following calls from shareholders.
During the roughly eight-month review, the company said it received two buyout bids from two public real estate companies and that each offer was for an all-stock merger.
The offers, which were contingent on the approval of the bidders' shareholders, reflected an offer price of no greater than a 5% premium to Consolidated-Tomoka's then common stock trading price and represented an almost 10% discount to its closing stock price on Dec. 12.
Determining that neither offer sufficiently reflected Consolidated-Tomoka's value, the company said its special committee for the strategic review resolved that staying the course on its business plan was "the best way to maximize shareholder value" and cash in on the company's land and other assets.
The company also noted that other than expense reimbursements, it did not pay a fee to Deutsche Bank, which it hired as financial adviser in conjunction with the strategic review, since no transaction was consummated.