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Cole Credit Property Trust IV calls on shareholders to reject mini tender offer

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Cole Credit Property Trust IV calls on shareholders to reject mini tender offer

Cole Credit Property Trust IV Inc. urged its shareholders to reject an unsolicited mini tender offer from MacKenzie Realty Capital Inc. for up to 1.0 million Cole Credit common shares at $6.01 apiece.

Cole Credit argued, among other things, that MacKenzie's offer price is $4.07 less than its board's most recent estimated per-share net asset value of $10.08, as of Dec. 31, 2016.

In April, MacKenzie launched a similar offer to acquire the same number of Cole Credit shares at $5.62 apiece.