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CMG Launches Unsolicited Tender Offer for Griffin Realty Trust Shares

Close-up of businessman holding paper and pen and giving them for signature

The board of Griffin Realty Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Griffin Capital Essential Asset REIT, sent a letter to their shareholders announcing their neutrality regarding unsolicited tender offers from CMG Partners LLC and its affiliates.

As previously reported by The DI Wire in September 2022, CMG Partners launched an unsolicited tender offer to purchase up to 500,000 Class E shares for $3.76 per share in cash. Griffin Realty Trust remained neutral, and the offer expired on Oct. 4, 2022.

CMG’s current offer includes the purchase of up to 500,000 shares of Class A and Class AA common stock for $3.40 per share.

The REIT’s most recent estimated net asset value per share for Class A and Class AA common stock was $7.37 as of June 30, 2022. In a letter to stockholders, Griffin’s board of directors stated that CMG Partners’ offer is approximately 54% less than the most recently published NAV.

As The DI Wire reported in September 2022, MacKenzie and its affiliates also launched an unsolicited tender offer to purchase up to 1 million shares of Griffin Realty Trust Inc. for $4.09 per share in cash. The offer expired on October 10, 2022.

Griffin Realty Trust Inc. is an internally managed non-traded REIT that owns and operates a portfolio of office and industrial properties that are primarily net leased to single tenants that the company has determined to be creditworthy.

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