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InvenTrust Properties urges against tender offer from MacKenzie Realty

InvenTrust Properties Corp. received a tender offer from MacKenzie Realty Capital Inc. to acquire up to 3.0 million shares of the retail real estate investment trust's outstanding common stock.

MacKenzie is offering to buy the REIT's shares at $1.46 per share.

InvenTrust said its executive committee board recommends that stockholders reject the offer, arguing that the proposed price is approximately 115% below the latest estimated value per share of the company's common stock of $3.14 as of May 1, 2018.

The tender offer will expire April 30 at 11:59 p.m. PT, unless extended.