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KBS REIT III urges stockholders to reject MacKenzie Realty mini-tender offer

KBS Real Estate Investment Trust III Inc. is calling on stockholders to reject MacKenzie Realty Capital Inc.'s unsolicited cash mini-tender offer for up to 2.5 million shares of the company's common stock at $7.36 apiece.

The shares represent roughly 1.4% of the office-focused diversified real estate investment trust's outstanding share capital.

The board believes the offer price is substantially below the value of the shares.