Drive Shack Inc. Announces Agreement to Internalize Management
Drive Shack Inc. (DS)
Last drive shack inc. earnings: 11/11 10:45 pm
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US:NYSE Investor Relations:
ir.driveshack.com
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- Drive Shack Inc. (NYSE:DS; the “Company”) announced that it has entered into definitive agreements with its external manager, FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC, to internalize the Company’s management function. In connection with the termination of the existing management agreement, the Company will make a one-time cash payment of $10.7 million to the Manager. The internalization will become effective on January 1, 2018. The transaction was negotiated and unanimously approved by a special committee (the “Special Committee”) comprised entirely of independent and disinterested members of the board of directors of the Company (the “Board”), and the Special Committee was advised by independent counsel. Sarah L. Watterson, the Company’s Chief Executive Officer & President stated, “This is an incredibly exciting event within the Company’s
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