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Alexander & Baldwin (ALEX) investor relations material

Alexander & Baldwin Proxy Filing summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Proxy Filing summary9 Dec, 2025

Executive summary

  • A joint venture of MW Group, Blackstone Real Estate, and Divco West will acquire all outstanding shares for $21.20 per share in cash, valuing the transaction at approximately $2.3 billion including debt.

  • The transaction was unanimously approved by the board and is expected to close in Q1 2026, subject to shareholder approval and customary conditions.

  • Upon closing, the company will become private, delist from the NYSE, and continue to operate under its current name, brand, and Honolulu headquarters.

  • The new ownership group intends to invest over $100 million to enhance the property portfolio and maintain high standards for tenants and communities.

  • Shareholders will receive $21.20 per share, reduced by a $0.35 per share Q4 2025 dividend payable January 8, 2026.

Voting matters and shareholder proposals

  • Shareholder approval is required for the merger to proceed; a proxy statement will be filed with the SEC.

  • The board recommends shareholders vote in favor of the transaction, citing significant and certain value.

  • No other matters besides the merger and related compensation will be submitted for shareholder vote at the special meeting.

Board of directors and corporate governance

  • The board unanimously approved the merger agreement and the dividend.

  • The company will continue to be led by a Hawai'i-based team post-transaction.

  • The board's decision was based on the long-term vision and suitability of private ownership for the company's local market focus.

Explain shareholder tax impact of REIT liquidation
Explain tiered termination fee rationale
Detail post-merger property enhancement strategy
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Frequently asked questions

Alexander & Baldwin, Inc. is Hawai'i’s premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. Our retail portfolio encompasses approximately 2.8 million square feet of leasable space at 31 centers. The majority of A&B's income-producing properties are located in Hawaii, with a few retail locations on the U.S. Mainland and a hotel portfolio in Hawaii and the continental U.S.

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