CNL Healthcare board urges shareholders to reject Comrit's mini-tender offer

CNL Healthcare Properties Inc.'s board urged the healthcare real estate investment trust's shareholders to reject the unsolicited tender offer made by Comrit Investments 1 LP.

Comrit proposed to acquire up to 8.9 million common shares, or approximately 5.1%, of the issued and outstanding shares of the REIT for $4.66 apiece in cash.

The REIT's board cited several reasons for its recommendation, including the offer price, which is approximately 37% less than the $7.38 estimated net asset value per share as of Dec. 31, 2020.