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.