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KBS REIT II urges shareholders to reject Coastal Realty tender offer

KBS Real Estate Investment Trust II Inc. urged its shareholders to reject a mini-tender offer made by Coastal Realty Business Trust.

The MacKenzie Capital Management LP affiliate is offering to acquire up to 1.0 million shares of the REIT's common stock, corresponding to about 0.54% of the outstanding shares.

KBS REIT II said in a letter to shareholders that Coastal Realty's per-share offer price of $3.46 is "substantially below" the fair value of the stock, noting that the offer itself is aimed at taking advantage of the illiquidity of the REIT's shares.