Hines Global REIT Inc.'s board recommended that its shareholders reject a cash tender offer by MacKenzie Realty Capital Inc., CMG Partners LLC and Coastal Realty Business Trust to acquire up to 13,608,000 common shares of the nontraded real estate investment trust.

MacKenzie and partners are offering to acquire the shares, which represent about 5.0% of Hines' issued and outstanding common shares, at $6.15 apiece, without interest.

In making the recommendation to its stockholders, Hines argued, among other things, that the offer price is significantly lower than its estimated per-share net asset value of $9.04 as of Dec. 31, 2017.

The offer price is also substantially lower than the estimated per-share liquidating distributions of between $8.83 and $9.83 that the REIT expects shareholders to receive under its plan of liquidation and dissolution, if the plan is successfully completed.

The tender offer is set to expire at 11:59 p.m. PT on Nov. 13, unless extended.