Neither the New York- nor the Cleveland-based branches of the family has explained why Bruce Ratner is selling the remaining 30 percent of his company, Forest City Ratner, to his cousins at Forest City Enterprises, and why at such an opportune time. (The final deal was announced today.) One equity analyst said the company had told him that it was personal.
“What happened was that Bruce was getting to the point in his life where he wants to do some philanthropy,”
Rich Moore, managing director at RBC Capital Markets, told us. “There is no liquidity to joint ventures because he has to sell a building in order to make any money.”
In return, Ratner is getting $60.8 million to play around with, a 3.9 percent stake in Cleveland-based Forest City Enterprises, as well as a seat on the parent company’s board of directors.
Since last Thursday’s after-close announcement, the cousin company’s stock price has fallen about $4.