American Realty Capital New York City REIT Inc. commenced a tender offer Feb. 6 for up to 1,935,484 shares at $15.50 apiece in response to the $14.68-per-share tender offer launched earlier by Comrit Investments Ltd.'s general partner for up to 1.6 million of the New York City-office-focused real estate investment trust's shares.
American Realty Capital New York's board noted that although the company's own offer is at a higher price than Comrit Investments 1 LP's offer, both offers are significantly less than the estimated per-share net asset value of the company's common stock of $20.26 per share as at June 30, 2017.
American Realty Capital New York's board unanimously recommends that stockholders not tender their shares pursuant to the company's offer or the lower Comrit offer.
The company's offer is slated to expire at 11:59 p.m. ET on March 6, unless extended or withdrawn.
