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Hines Global REIT urges against Everest REIT Investors I, III tender offer

Hines Global REIT Inc.'s board is recommending that its shareholders reject the unsolicited tender offer from Everest REIT Investors I LLC and Everest REIT Investors III LLC.

The investors offered to buy up to 13,660,000 shares of the nontraded diversified real estate investment trust's common stock at $6.50 apiece.

The company said it believes the offer price is substantially less than the estimated per-share liquidating distributions of $8.83 to $9.83 that would be made to stockholders under the REIT's liquidation plan. It called the offer an attempt by the investors to buy shares at a sizable discount and make a profit.

The offer is set to expire June 18 at 9 p.m. PT, unless extended.