High River LP aims to buy out Voltari Corp. through an offer of 58 cents per common share in cash.

The real estate company said its board set up a special committee of independent directors, comprising Peter Shea, Jaffrey Firestone and Kevin Lewis, to consider the offer, as well as any other offers that are made for Voltari's outstanding common stock.

High River, together with its affiliates, beneficially owns about 52.69% of the outstanding shares of Voltari's common stock and approximately 98.0% of the company's outstanding shares of 13% redeemable series J preferred stock.

The special committee retained Alvarez & Marsal as its outside financial adviser and Dorsey & Whitney as its legal counsel.