Everest REIT Investors I LLC has commenced a cash tender offerto buy up to 1,025,000 shares of KBSLegacy Partners Apartment REIT Inc.'s common stock at $7.20 apiece.
The shares subject to the offer make up roughly 5.01% of thecompany's outstanding common shares, according to a tender offer statement.
If all shares sought are tendered, consummation of the offerwould require Everest REIT Investors I to pay up to about $7.4 million in aggregatepurchase price, for which it says it has sufficient capital available and committed.
The offer will expire at 5 p.m. PT on May 31, unless extended.
As of March 14, KBS Legacy Partners had 5,780 holders of recordowning a total of 20,498,380 common shares. The buyer and its affiliates, meanwhile,currently do not beneficially own any shares of the REIT.
The company recently disclosed that it is in the process of strategic alternatives,with Robert A. Stanger & Co. Inc. acting as its financial adviser.