MCB Real Estate, a Baltimore-headquartered commercial real estate developer and investment management firm, has made a renewed attempt to acquire Whitestone REIT (NYSE: WSR) with a revised proposal.
Under its latest offering, MCB would provide Whitestone shareholders with $15.00 per share in cash, representing a 14.5% premium to Whitestone’s share price as of June 3, the last trading day prior to the disclosure of MCB’s previous proposal. MCB, which is Whitestone’s third largest shareholder, previously disclosed an acquisition proposal of $14.00 per share in cash, which was rejected.
“As the third largest Whitestone shareholder and largest actively managed shareholder, our interests are aligned with the company’s other owners and we are committed to pursuing a transaction that maximizes value,” said MCB Managing Partner and Co-Founder P. David Bramble in a letter to Whitestone’s board of trustees. “Our efforts to engage in constructive discussions have been rebuffed to date, but we stand ready to complete due diligence and execute a definitive agreement expeditiously and are committed to seeing this through to completion. We ask our fellow shareholders to urge the Whitestone Board to uphold their fiduciary duties and engage with us in good faith without further delay.”
Whitestone did not immediately respond to the new offer.
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