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Whitestone REIT (NYSE:WSR) rejected a takeover bid from MCB Real Estate. Whitestone shares ticked down 0.4%.
“Our Board of Trustees (the “Board”) has evaluated your offer to purchase Whitestone REIT, presented in a letter to us dated June 3, 2024, and respectfully declines your offer,” Whitestone CEO David K. Holeman wrote in a letter in response to the offer that was disclosed in an 8-K filing on Monday. “The Board believes that your indicated offer price does not represent a fair valuation and strongly believes that current management has a clear strategy and compelling pathway for creating long-term shareholder value significantly greater than the amount offered.”
MCB offered to buy Whitestone for $14 per share, according to a June 3 letter. The company said it had already acquired 4.69 million shares in the REIT, or about 9.6% of its outstanding common stock. The stake makes MCB one of the company’s top five shareholders.