Diversified real estate investment trust Lightstone Value Plus Real Estate Investment Trust Inc. launched a cash tender offer to purchase up to 1.0 million shares of its common stock at $7.00 apiece, in response to an unsolicited offer by MacKenzie Capital Management LP and certain of its affiliates.

MacKenzie and its units offered to purchase up to 1.0 million of Lightstone's common shares at $6.55 per share.

The board urged stockholders to reject the unsolicited offer, arguing among other things that the MacKenzie offer price is considerably less than the current estimated per-share net asset value of the shares.

The Lightstone offer will expire at 11:59 p.m. ET on July 13, unless extended.