Griffin-American Healthcare REIT III Inc.'s board is calling on stockholders to reject a cash tender offer launched by Everest REIT Investors I LLC and Everest REIT Investors II LLC for the company's common shares.
The investors offered to buy up to 1.0 million shares of the healthcare-focused diversified real estate investment trust's outstanding common stock at $6.50 apiece.
The board argued, among other things, that Everest's offer price is roughly 30% below the company's most recent estimated net asset value of $9.27 per share.
