Related Fund Management, LLC made a non-binding proposal to acquire remaining 93.45% stake in (NYSE:LADR) for $1.6 billion on January 12, 2018. As per terms, Related Fund Management will acquire the outstanding securities of Ladder Capital for $15 per share through a two-step tender offer and merger process. Before the merger, certain holders (e.g. Related Fund Management affiliate RREF II) would be given the opportunity to roll their interests into an indirect ownership of the acquisition vehicle. Related Fund Management anticipates that it will retain the majority of Ladder Capital’s employees. The transaction is subject to customary conditions, including that the shares tendered into our offers to purchase for cash, plus the shares rolling over into indirect ownership of the acquisition vehicle, constitute a majority of the outstanding shares. As of January 24, 2018, Ladder Capital determined that the proposal undervalues the company and therefore rejected the proposal. Evercore Group L.L.C. acted as financial advisor while Alan J. Sinsheimer, Robert W. Downes, Kiran S. Kadekar, Judson R. Finnegan, Davis J. Wang and T. Max O’Neill of Sullivan & Cromwell LLP acted as legal advisors to Related Fund Management, LLC.