The Parking REIT Inc.'s board is calling on stockholders to reject MacKenzie Realty Capital Inc.'s unsolicited cash mini-tender offer for up to 320,000 shares of the company's common stock at $12.17 apiece.
The shares represent roughly 4.9% of the parking facility-focused real estate investment trust's outstanding share capital.
The board believes, among other things, that the offer price is considerably less than the current and potential value of the shares, which the company estimates to have a per-share value of $25.00.
The offer will expire April 9 at 11:59 p.m. PT.
