Comrit Investments 1 LP, a Tel Aviv-based investment fund, has terminated its unsolicited tender offer to purchase up to 5 million shares of AR Global’s Healthcare Trust Inc., a non-traded real estate investment trust, for $8.61 per share. The offer launched last month and was scheduled to expire on April 30, 2020.
Comrit explained that its tender offer was subject to various terms and conditions and could be terminated due to a “general suspension of trading” on a national securities exchange.
Although Comrit did not define a “general suspension of trading” in its offer, the company determined that such a condition was triggered by the two mandatory trading halts imposed by the NYSE on March 9, 2020 and March 16, 2020.
No consideration will be paid to shareholders who have tendered their shares, and any shares previously tendered will be “promptly” returned to shareholders, Comrit said.
In April 2019, the Healthcare Trust board approved a $17.50 net asset value per share as of December 31, 2018. Shares were originally sold for $25.00 each. Comrit and its affiliates currently own approximately 189,872 Healthcare Trust shares, or approximately 0.2 percent of the outstanding.
Healthcare Trust invests in multi-tenant medical office buildings and owned a portfolio of 193 properties, as of the third quarter of 2019. The company’s primary offering was declared effective by the SEC in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.