Related Cos. is considering nominating a slate of alternative candidates for the board of Ladder Capital Corp. after being rebuffed in a bid to buy the commercial real estate lender, a person with knowledge of the situation said.
Related, founded by Miami Dolphins owner Stephen Ross, is weighing a range of options to influence the management of Ladder Capital, said the person, who asked not to be identified because the discussions are private. It withdrew its offer earlier Tuesday, saying it hadn’t received information from Ladder that could have allowed it to raise an earlier bid for the firm. Related, the lead developer of the Hudson Yards project on Manhattan’s far West Side, owns about 6.5 percent of Ladder.
It was Related, along with Corvex Management LP, that led the 2014 campaign to oust the board of Commonwealth REIT and installed billionaire real estate investor Samuel Zell as chairman of the Chicago-based office landlord.
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