InvenTrust Urges Shareholders to Reject MacKenzie Tender Offer
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, is urging shareholders to reject an unsolicited tender offer launched by MacKenzie Realty Capital.
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, is urging shareholders to reject an unsolicited tender offer launched by MacKenzie Realty Capital.
MacKenzie is offering to purchase up to 3 million shares of InvenTrust common stock for $1.46 per share in its tender offer that expires on April 30, 2019. InvenTrust’s most recent estimated net asset value per share was $3.14 as of May 1, 2018, which is approximately 115 percent higher than MacKenzie’s offer price.
“Stockholders looking to liquidate should note that in recent transactions on the secondary market, according to an independent secondary market auction provider and our transfer agent, sales of InvenTrust stock on such providers platform on average have ranged from $1.70 to $1.87 per share over the last five months,” said InvenTrust in a correspondence postcard to investors.
MacKenzie acknowledges that in establishing the purchase price of $1.46 per share, it intends to make a profit and is motivated to establish the lowest price which might be acceptable to stockholders consistent with that profit-seeking intention,” added InvenTrust.
In other InvenTrust news, the REIT recently purchased Lakeside Winter Park and Lakeside Crossing, two retail centers in Winter Park, Florida totaling 76,000 square feet, for $63.5 million.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on open air retail centers in growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.4 billion, according to Summit Investment Research. The company became a self-managed REIT in 2014 and oversees a multi-billion-dollar portfolio of 71 retail properties, as of the third quarter of 2018.
