Cole Office & Industrial REIT (CCIT II) Inc. said its board recommends shareholders reject an unsolicited cash tender offer from Comrit Investments 1 LP.
The investor offered to buy up to 3.4 million shares of the single-tenant net-lease real estate investment trust's common stock at $8.52 apiece.
The nontraded REIT said its board believes Comrit's $8.52-per-share offer price is substantially lower than the current and potential long-term value of the shares and translates to a more than 19% discount to the company's estimated per-share net asset value of $10.58 in late March.
