KBS Strategic Opportunity REIT Inc. recommended that its stockholders reject a mini-tender offer by MacKenzie Capital Management LP affiliates for up to 500,000 shares, or about 0.9% of the company's outstanding shares, at $7.80 apiece.

The diversified real estate investment trust's board argued, among other things, that the bidder's offer is intended to exploit the illiquidity of its shares by buying them at a price "significantly below their fair value in order to make a significant profit."