Affiliates of depository MacKenzie Capital Management LP extended the expiration date of MacKenzie Realty Capital Inc.s cash offer for up to 320,000 shares of Parking REIT Inc.'s common stock at $12.17 apiece through April 27.
The offer period was previously scheduled to expire April 9 at 11:59 p.m. PT.
The decision to extend comes after Parking REIT, which primarily invests in North American parking lots and facilities, suspended its cash distributions and common stock dividends March 23 to preserve capital and boost shareholder value.
The real estate investment trust earlier urged stockholders to reject MacKenzie Realty's unsolicited cash mini-tender offer, arguing that the price was considerably below the current and potential value of the shares, estimated at $25.00 apiece. Shares under the offer account for roughly 4.9% of the company's outstanding share capital.
MacKenzie noted that 207.032 shares have been tendered as of March 29.