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ARC New York City REIT discloses tender offer from MacKenzie Realty

American Realty Capital New York City REIT Inc. revealed that MacKenzie Realty Capital Inc. and certain of its affiliates launched an unsolicited mini-tender offer for up to 500,000 shares of the trust's common stock.

MacKenzie is offering to buy the shares in cash at a price equal to $12.04 per share.

The New York City-focused real estate investment trust said its board recommends shareholders reject the offer, arguing that the offer price is $8.22 per share, or 41%, lower than its current estimated per-share net asset value of $20.26 as of June 30, 2017.

In order to deter MacKenzie and other possible bidders for the company's shares, the REIT launched a self-tender offer for up to 500,000 shares of its common stock at $12.95 per share.

The third-party tender offer will expire July 20, unless extended, and the self-tender offer will expire on July 24, according to a June 15 filing.