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Host Hotels board urges shareholders to reject unsolicited tender offer

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Host Hotels board urges shareholders to reject unsolicited tender offer

Host Hotels &Resorts Inc.'s board is urging the company's stockholders to rejectan unsolicited "mini tender" offer from certain MacKenzie Capital ManagementLP affiliates.

The company said March 31 that the MacKenzie affiliates are offeringto buy as many as 240,000 operating partnership units of Host Hotels & ResortsLP at $12.50 apiece, less any cash distributions made by the operating partnershipsince 2015-end.

Host Hotels' board contends that the offer price is less thanthe company's closing stock price of $16.82 per common share on March 21, when itlearned about the MacKenzie offer. The board added that the offer price will bedecreased by the Jan. 15 and the upcoming April 15 distributions of about 20 centsper OP unit.

Host Hotels, at its discretion and upon the request of OP unitholders, may also redeem the OP units for cash or through the issuance of 1.021494common shares in exchange for each OP unit, which shares may then be sold. The companyfurther noted that, based on its March 30 closing stock price of $16.46 per share,an OP unit holder would receive shares with a roughly $16.81 market value, whichis higher than the MacKenzie offer of $12.50 per OP unit.