Investor Litt opposes NorthStar Asset’s deal with Colony Capital: Reuters

Activist investor Jonathan Litt opposed NorthStar Asset Management Group Inc’s merger with Colony Capital Inc, saying the deal did not provide fair value to shareholders and called for a special shareholder meeting.

Litt’s Land and Buildings Investment Management LLC said it was disappointed with the amount being paid to NorthStar Asset shareholders in relation with the merger and believes that a valuation closer to $20 per share would have been appropriate.

NorthStar Asset, REIT NorthStar Realty Finance Corp and private equity firm Colony Capital agreed on Friday to an all-stock merger that would create a company with $58 billion of assets under management.

NorthStar Asset said in January that Land and Buildings had acquired less than 1 percent of its shares.