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KBS REIT II urges stockholders to reject mini-tender offer

KBS Real Estate Investment Trust II Inc. is calling on stockholders to reject MacKenzie Realty Capital Inc.'s mini-tender offer to buy up to 2.5 million shares of the company's common stock at $3.51 apiece, representing roughly 1.33% of its outstanding share capital.

The diversified REIT said its board believes the offer price is considerably below the value of its shares.

KBS argued, among other things, that MacKenzie's offer is aimed to profit from the illiquidity of the REIT's stock by buying the shares at a price "significantly below their fair value."