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Resource Real Estate Opportunity REIT recommends against tender offer

Resource Real Estate Opportunity REIT Inc. is urging its shareholders to reject a cash tender offer for up to 3.6 million shares of the company's outstanding common stock.

Everest REIT Investors I LLC is offering to buy the shares at $7.00 per share.

The commercial real estate investment trust said its board believes that the offer price is lower than the current and potential long-term value of the company's shares and that Everest is making an opportunistic attempt to buy the shares at a low price in order to make a profit.

The offer will expire at 9 p.m. PT on Nov. 16, unless extended.