Phillips Edison & Co. Inc.s board is urging its shareholders to reject a mini-tender offer by MacKenzie Realty Capital Inc. for the company's shares at $7.09 apiece.

Separately, Phillips Edison Grocery Center REIT II Inc.'s board also urged its stockholders to decline an offer from the same investor for its shares at $14.89 per share.

The boards of the shopping center real estate investment trusts argued, among other things, that the offer is meant to take advantage of the illiquidity of the shares in order to make a significant profit.