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Behringer Harvard Opportunity REIT II board urges against tender offer

Behringer Harvard Opportunity REIT II Inc.'s board is recommending against a cash tender offer by Everest REIT Investors I LLC to buy up to 1.3 million shares of the company's outstanding common stock at $5.25 apiece.

The offer price reflects the buyer's "opportunistic attempt" to buy the shares at a deeply discounted price and make a profit, the company's board said, and unanimously recommended that shareholders turn down the offer, according to a filing.

The tender offer will expire at 5 p.m. PT on July 19, unless extended.