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American Healthcare REIT Responds to Multiple Unsolicited Tender Offers

Partner has made a fraud in the contract of sale and being handed a cash and pen to the businessman signing the contract corruption bribery concept.

The board of American Healthcare REIT Inc., a non-traded real estate investment trust formerly known as Griffin-American Healthcare REIT IV Inc., sent a letter to their shareholders announcing their neutrality regarding unsolicited tender offers from CMG Partners LLC and its affiliates and MacKenzie Capital Management LP and its affiliates.

As previously reported by The DI Wire, in June 2022 CMG Partners launched an unsolicited tender offer to purchase up to 500,000 shares of American Healthcare REIT for $5.35, which the REIT’s board encouraged its stockholders to reject.

CMG Partners recently offered to purchase up to 100,000 shares of American Healthcare REIT’s Class T and Class I common stock at a price of $20.00 per share. MacKenzie Capital Management LP offered to purchase up to 250,000 shares of their Class T and Class I common stock at a price of $19.80 per share.

The REIT’s most recent estimated net asset value per share is $37.16, as of Dec. 31, 2021 (the company recently completed a four-for-one reverse stock split which took their esimtated per share net asset value from $9.29 to $37.16). In a letter to stockholders, American Healthcare REIT’s board of directors stated that CMG Partners’ offer is 46% lower than the estimated per-share NAV and MacKenzie Capital’s is 47% lower. Shares of the REIT most recently traded for $28.40 on Realto, an online secondary trading platform for illiquid securities.

As previously reported by The DI Wire in September 2022, American Healthcare REIT filed a Form S-11 with the Securities and Exchange Commission for a proposed underwritten public offering connected with the potential listing of its common stock on the New York Stock Exchange.

American Healthcare REIT oversees a 19.4 million-square-foot portfolio of 312 medical office buildings, skilled nursing facilities and integrated senior health campuses located in 36 states, the United Kingdom and the Isle of Man, in addition to a real estate-related investment. The gross investment value of the portfolio is approximately $4.3 billion.

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