Hospitality Investors Trust launched a self-tender offer for up to 1.0 million shares of its common stock at $7.05 per share.
The offer is in response to an unsolicited mini-tender offer launched by MacKenzie Capital Management LP for up to 300,000 shares of the hotel real estate investment trust's common stock, also at $7.05 apiece.
The MacKenzie offer and self-tender offer will expire June 15 and June 29, respectively, unless extended.
Hospitality Investors' board urged its stockholders to reject both offers. In making the recommendation, Hospitality Investors said it launched the self-tender offer only to prevent MacKenzie and other potential future bidders from trying to exploit the illiquidity of company shares and purchase them at prices substantially below their fair value.
