InvenTrust Properties Corp.'s board is calling on the company's stockholders to reject an unsolicited mini-tender offer by MacKenzie Realty Capital Inc.

MacKenzie is offering to buy up to 10.0 million shares of the company's outstanding common stock for $1.49 apiece. The offer will expire at 11:59 p.m. PT on Nov. 9, unless extended.

The board argued, among other things, that MacKenzie's offer price is less than the current and potential long-term value of the company's shares.