Cole Credit Property Trust IV Inc.'s board urged the single-tenant net-lease real estate investment trust's stockholders to reject an unsolicited mini-tender offer from MacKenzie Realty Capital Inc. to purchase up to 1.0 million shares of the REIT's common stock at $6.01 per share.
The board argued, among other things, that the cash offer price is significantly lower than the current and potential long-term value of the shares. The MacKenzie offer price translates to a 36% discount to the REIT's recently board-approved estimated net asset value of $9.37 per common share.
