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MCB Withdraws Offer To Buy Whitestone

November 18, 2024 — 09:40 am EST

Written by RTTNews.com for RTTNews

(RTTNews) - MCB Real Estate, a commercial real estate developer and investment management firm, Monday sent a letter to the Board of Trustees of Whitestone REIT (WSR) withdrawing MCB's previously announced proposal to acquire the company.

Earlier, MCB had proposed to acquire Whitestone for $15 per share in an all-cash transaction, which according to MCB "would maximize value to Whitestone's shareholders, delivering immediate and certain value in the form of a 14.5% premium to Whitestone's share price prior to our initial proposal on June 3, 2024, and a 61.8% premium to Whitestone's unaffected share price prior to the rumored Fortress proposal on October 26, 2023."

However, the company has now decited to withdraw its proposal at this time.

"While we continue to believe our proposal is the best path forward for shareholders, our attempts to engage have been rebuffed at every turn, so we are withdrawing our proposal to acquire Whitestone at this time," MCB said in a letter to Whtiestone REIT.

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