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Cole Credit Property Trust IV board urges against Everest REIT tender offer

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Cole Credit Property Trust IV board urges against Everest REIT tender offer

Cole Credit Property Trust IV Inc.'s board urged its stockholders to reject Everest REIT Investors I LLC's recently launched cash tender offer for up to 780,000 Cole common shares at $6.60 apiece.

The nontraded single-tenant net-lease real estate investment trust argued, among other things, that Everest's offer price is "significantly below" the shares' current and potential long-term value and that the offer is "an opportunistic" attempt by Everest to acquire the shares at "a deeply discounted price." The offer price is $2.77 less than the most recent estimated per-share net asset value of the REIT's shares of $9.37, Cole added.

Unless extended, the offer is scheduled to expire at 9:00 p.m. PT on Jan. 18, 2019.