M&A · Financials · Real Estate Investment Trusts
Bow Street LLC to acquire Veris Residential, Inc.
Announced Feb 23, 2026 · Closed May 27, 2026
Deal value$3.40BEV $3.40B
Premium23.2%To unaffected price
EV / Adj. EBITDA13.6x11.8x EV / Revenue
ConsiderationAll cash$19.00 per share
Transaction
- Acquirer
- Bow Street LLC
- Target
- Veris Residential, Inc. (VRE)
- Buyer type
- Strategic
- Offer price per share
- $19.00
- Enterprise value
- $3.40B
- Status
- Closed May 27, 2026
Deal protections
- Break fee (target pays)
- $60.0M · 1.8%
- Reverse fee (buyer pays)
- $140M · 4.1%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, UBS, Morgan Stanley
Advisors
- To the acquirer
- UBS, Goldman Sachs
- To the target
- JPMorgan, Morgan Stanley
Sector context · Financials
- Comparable deals
- 71 in the prior 24 months
- Premium
- 23.2% vs. 41.5% sector median
- EV / Adj. EBITDA
- 13.6x vs. 13.7x sector median
- Break fee
- 1.8% vs. 3.7% sector median
Timeline
- AnnouncedFeb 23, 2026
- Proxy filedMar 25, 2026
- Definitive proxyApr 10, 2026
- Shareholder voteMay 21, 2026
- ClosedMay 27, 2026
Valuation · fairness opinions
Trading comparablesJPMorgan$12.00$17.50
Trading comparablesJPMorgan$14.75$18.25
Discounted cash flowJPMorgan$16.00$22.50
Trading comparablesMorgan Stanley$14.78$19.04
Discounted cash flowMorgan Stanley$16.86$20.45
Analyst price targetsMorgan Stanley$15.00$22.00
Analyst price targetsMorgan Stanley$14.90$17.14
Analyst price targetsMorgan Stanley$18.70$20.24
Offer $19.00
Implied value per Veris Residential, Inc. share by analysis, from JPMorgan and Morgan Stanley.