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SmartStop Self Storage Recommends Shareholders Reject CMG Tender Offer

The board of SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, sent a letter to its stockholders unanimously recommending they reject a planned unsolicited tender offer from CMG Partners LLC and its affiliates.

CMG is offering to purchase up to 225,000 shares of Class A common stock of the company at a price of $6.25 per share. The offer is a 60% discount to SmartStop’s estimated value per share of $15.21.

As admitted by CMG, SmartStop reports the company is making the offer “with the intention of making a profit.”

Shares of SmartStop most recently traded on LODAS Markets, previously known as Realto, for $11.40 each.

As The DI Wire previously reported, SmartStop sent a letter to its stockholders unanimously recommending they reject a planned unsolicited tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund.

SmartStop is a self-managed REIT with an owned or managed portfolio of 153 properties in 19 states and Ontario, Canada, comprising approximately 103,000 units and 11.8 million rentable square feet, as of Dec. 31, 2022.

For more SmartStop news, please visit their directory page.