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KBS recommends against mini-tender offer

KBS Real Estate Investment Trust Inc. urged its shareholders to reject a mini-tender offer from CMG Partners LLC to buy up to 2.0 million of the company's common stock, representing roughly 1.1% of the company's outstanding shares.

The company said the bidder's offer price of $1.51 per share is lower than the remaining per share estimated net proceeds from its liquidation that will be received by shareholders.

The company previously recommended against CMG Partners' per-share offer of $1.41 in July.

KBS Real Estate reiterated that its board approved an estimated per-share value of $2.475 for its common stock, effective March 21 and that the estimated remaining liquidation distribution is expected to be in the range of $2.27 to $2.68 per share.