MCB Real Estate, a commercial real estate developer and investment management firm, said it sent a letter to the Board of Trustees of Whitestone REIT (WSR) increasing the value of its proposal by $1 per share to acquire the company in an all-cash transaction.
Under the terms of the revised proposal, Whitestone shareholders would receive $15.00 per share in cash, representing a 14.5 percent premium to Whitestone's share price as of June 3, 2024, the last trading day prior to the disclosure of MCB's previous proposal.
The increased price also represents an 11.4 percent premium to Whitestone's last trading share price, and a 61.8 percent premium to the Whitestone share price prior to the rumored Fortress proposal in October 2023.
MCB's proposal is not subject to any financing contingency. It expects to fund the acquisition with a combination of equity and debt.
MCB previously disclosed a proposal to acquire Whitestone for $14.00 per share in cash on June 3, 2024. Since then, Whitestone stock has notably underperformed its Peers and is still trading at approximately the same value as when MCB submitted its previous proposal.
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