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Cedar Realty Trust reaches agreement with activist shareholder

Retail real estate investment trust Cedar Realty Trust Inc. entered into an agreement with activist shareholder Snow Park Capital Partners LP under which the company will look for a new independent director to stand for election at its annual shareholder meeting.

Snow Park will have the right to consult on and interview the candidate selected by the nominating and governance committee. It also committed to vote its shares in favor of all Cedar Realty's director nominees at the 2018 annual meeting.

Jeffrey Pierce, managing partner of Snow Park, said he was satisfied with the investigation Snow Park demanded into the sexual harassment allegations against Cedar Realty President and CEO Bruce Schanzer and other members of the management team.