Highlands REIT Inc. received a cash tender offer for up to 39,155,266 shares of its common stock, or about 4.75% of the REIT's outstanding shares.

IG holdings Inc. and its affiliates offered to buy the shares at 17 cents apiece, without interest. If all shares sought are tendered in the offer, the buyers would be required to pay a total of about $6.7 million, which they plan to fund using current working capital.

The offer will expire at 11:59 p.m. PT on April 3, unless extended.

The investors and their affiliates currently beneficially own 1,927,055 shares, or 0.223% of the outstanding shares.