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KBS Strategic Opportunity details results of $50M common stock self-tender offer

KBS Strategic Opportunity REIT Inc. detailed preliminary results of its roughly $50.0 million self-tender offer to acquire up to 3,553,660 shares of its common stock for $14.07 per share.

As of the expiration of the tender period on Oct. 12, 5,678,837 shares were validly tendered in the offer, representing roughly 8.3% of the company's issued and outstanding shares as of Oct. 17.

In keeping with the terms of the tender offer, the company increased the number of shares accepted for payment by 1,135,912 shares, bringing the total amount of shares accepted to 4,689,572 shares valued at approximately $66.0 million.

KBS expects to have roughly 52,106,060 shares outstanding following completion of the tender offer, based on the preliminary results.