09:45 AM EDT, 06/18/2024 (MT Newswires) -- Veris Residential ( VRE ) said Tuesday that it has withdrawn its proposed public offering of its common shares and plans to terminate its pending acquisition of 55 Riverwalk Place.

The decision comes a day after Veris Residential ( VRE ) launched an underwritten public offering of 10.5 million shares, the net proceeds of which were earmarked to fund the Riverwalk acquisition.

"Following careful consideration of all relevant factors, consistent with our disciplined approach and with the best interests of our shareholders in mind, we have made the decision to withdraw our previously announced public offering of common stock," Chief Executive Mahbod Nia said in a release.

Shares of Veris Residential ( VRE ) were down more than 4% in early trading Tuesday.

Price: 14.50, Change: -0.69, Percent Change: -4.54