Retail real estate investment trust InvenTrust Properties Corp. launched a Dutch auction to purchase up to $75 million of shares of its common stock.
All shares under the offer will be bought, using cash on hand, at the same price in the range of $2 to $3.10 per share, subject to adjustment.
The REIT said in an Aug. 30 filing that the tender offer will comprise up to 37.5 million shares.
The company may increase the offer by up to 2% of its outstanding common stock without amending or extending the offer, according to a release. As of Aug. 1, the company had 774,449,147 shares of common stock issued and outstanding.
The offer expires Sept. 13, unless extended or withdrawn by the company.