At the beginning of June, the institutional investment management firm sent an official proposal to acquire the Houston, Texas-based WSR for $14 a share, all cash—a roughly 17% premium over the company’s“We made an all-cash proposal to acquire Whitestone REIT that would provide compelling and certain value to Whitestone shareholders,” a company spokesperson told Investing.com.
Unlike its strip center sector peers, WSR sailed unfazed through the changing interest rate environment as the Fed delayed interest rate cuts until Septembermoved the needle by acquiring a hefty amount of the company’s stock.accounts for about 14% of the total trading volume during the period leading up to MCB’s offer submission earlier this month.the official offer. During that month, MCB’s trading activity constituted roughly 31% of the total trading volume for WSR.
On the other hand, they also cast significant doubt on whether WSR’s Board response makes sense from an economic point of view.“We urge the Whitestone Board to engage with us to negotiate a transaction that would allow the Company to maximize value for its shareholders,” the company told Investing.com exclusively.
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