Public reporting, daily NAV fund Dividend Capital Diversified Property Fund (DPF) recently confirmed that its shareholders have received an unsolicited tender offer to purchase its Class E shares of common stock at a price of $3.65 per share in cash.
As of April 21, 2015, DPF’s current net asset value (NAV) was $7.30 per share.
The offer comes from Coastal Realty Business Trust, an affiliate of MacKenzie Capital Management, LP and expires June 5, 2015. Coastal is offering to acquire about 5 percent of the outstanding Class E shares.
Currently, DPF advises its shareholders to not take any action until its Board makes a recommendation regarding the tender offer. Its Board of Directors expects to provide guidance no later than May 4, 2015.
As of March 12, 2015, DPF owned 57 properties in 21 geographic markets.