March 22, 2018 / 10:40 PM / 9 months ago

Forest City not to sell itself, 9 directors to resign

March 22 (Reuters) - Forest City Realty Trust Inc said on Thursday it has completed a strategic review process and decided not to sell itself.

The real estate company also said it has entered an agreement with three investors under which nine directors would resign and the majority of them would be replaced by independent directors.

The investors — Starboard Value and Scopia Capital Management — will appoint one additional director each, while RMS would nominate two directors, the company said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)

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