A company owned by Charles Kushner, the father of former President Donald Trump’s son-in-law and one-time political advisor Jared Kushner, has made an unsolicited offer to buy a real estate investment trust.
K Corp Acquisitions LLC, owned by Charles Kushner, reached out to the board of directors of First Real Estate Investment Trust of New Jersey Inc. (OTC:FREVS), to acquire all the outstanding shares of its common stock for $22 per share in cash.
“We believe that this proposal delivers a highly attractive opportunity for shareholders to obtain full and fair value that exceeds what FREVS can be expected to achieve in the coming years under present management if it remains on its current course as a standalone company,” said Kushner. “For shareholders, this proposal represents a 52.25% premium over yesterday’s closing price of $14.45 per share and a 53.73% premium over the trailing 30-trading day volume weighted average price of $14.31 per share. We firmly believe this proposal will have wide-ranging support among the Trust’s shareholders.”
Kushner added that while looked forward to a prompt response and a “mutually agreeable outcome,” he also warned that if the company “refuses to engage with us in good faith, we reserve our rights to take action to protect shareholders’ interests, which may include taking this proposal directly to shareholders.”
First Real Estate Investment Trust of New Jersey is focused on acquiring, developing, constructing and holding real estate properties for long-term investment and not for resale. The company did not publicly respond to Kushner’s offer.
;
