trending Market Intelligence /marketintelligence/en/news-insights/trending/jrpW5l2_vU5voWdyW9xWbQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

KBS Legacy board recommends stockholders reject Everest REIT Investors tender offer

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


KBS Legacy board recommends stockholders reject Everest REIT Investors tender offer

KBS Legacy PartnersApartment REIT Inc.'s board of directors has unanimously recommendedthat the company's stockholders reject Everest REIT Investors I LLC's cash tenderoffer to acquire up to1,025,000 shares of KBS Legacy's common stock at $7.20 apiece.

KBS Legacy's board believes that the offer price is "significantlyless" than the present value and potential long-term value of the shares.

Additionally, the board also believes that the tender offer representsan "opportunistic attempt" by Everest REIT to acquire shares at a "deeplydiscounted" price relative to their current estimated value and make a profit,thereby depriving the stockholders who tender shares in the offer of the possibleopportunity to realize the full long-term value of their investment in the shares.

Unless extended, the tender offer will expire at 5:00 p.m. PTon May 31.