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MacKenzie Affiliate Completes ARC-Retail Tender Offer

Coastal Realty Business Trust, an affiliate of real estate investment firm MacKenzie Capital Management LP, has completed its recent American Realty Capital – Retail Centers of America tender offer.

The company had offered to acquire up to one million shares of the ARC-Retail at $5.50 per share, but was able to purchase just 7,600 shares.

The ARC-Retail board had unanimously recommended that its shareholders reject the offer, which was $3.50 per share less than the estimated net asset value per share of $9.00.

The tender offer was $4.76 per share less than the estimated merger consideration of $10.26 that shareholders are expected to receive should the proposed merger with American Finance Trust, another non-traded REIT sponsored by AR Global (the successor company to American Realty Capital), be completed.

The proposed merger has been excoriated by investment bank Robert A. Stanger & Co. and is the subject of a class action lawsuit filed by ARC-Retail shareholders.

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