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InvenTrust board recommends against MacKenzie's mini-tender offer

InvenTrust Properties Corp. said it received an unsolicited mini-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 at $1.19 apiece.

The board unanimously recommends that the REIT's shareholders reject the tender offer, arguing that the offer price is lower than the current and potential long-term value of its shares. The REIT's common stock had an estimated value per share of $3.14 as of May 1.

The tender offer will expire at 11:59 p.m. PT on Nov. 20, unless extended.