MacKenzie Capital Management LP launched a tender offer to buy up to 1.0 million shares of American Finance Trust Inc.'s common stock at a cash price of $13.66 apiece.
The MacKenzie offer will expire March 22, unless extended.
In response, the diversified real estate investment trust commenced a self-tender offer to buy up to 1.0 million shares at a price of $14.35 apiece. The company said the offer aims to discourage MacKenzie and other possible future bidders that may try to take advantage of the illiquidity of its shares.
The company's offer will expire March 27, 11:59 p.m. E.T.
The board of directors encourages its stockholders to reject the MacKenzie offer, arguing, among other things, that the offer price is considerably less than the current estimated per-share net asset value of the shares.