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Presidio board recommends stockholders reject mini-tender offer

Presidio Property Trust's board is recommending that stockholders reject a mini-tender offer made by SCM Special Fund 3 LP and its affiliate, MacKenzie Capital Management LP, for up to 800,000 shares of the company's common stock, or about 4.5% of its outstanding share capital.

The investors are offering to buy the shares at a cash price of $2.85 apiece, reduced by Presidio's dividend of 6 cents per share payable on Jan. 18, or effectively $2.79 per share.