MCB Real Estate sweetens takeover bid for Whitestone REIT to $1.45 billion; MCB sweetens bid for Whitestone to $15/share; Whitestone’s shares jump nearly 8% on news; MCB’s earlier $14/share bid was rebuffed by Whitestone

10/9/2024

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Reuters

• Subcategory: Retail: Shopping

• Tag: M&A | Proposed | Sale

• Additional Filters-Subcategory: Retail: Shopping Center

• Additional Filters-Tags: Sale: General, Sale: Ownership Interest

• Company: MCB Real Estate, Whitestone REIT (NYSE: WSR)

MCB Real Estate has sweetened its offer to acquire U.S. shopping center operator Whitestone REIT (WSR.N), opens new tab to $1.45 billion including debt, according to a letter reviewed by Reuters on Wednesday.

The new offer from MCB would give shareholders of Whitestone $15 per share in cash, representing a 14.5% premium to Whitestone's share price on June 3 before MCB's earlier offer was disclosed.

MCB, whose earlier $14-per-share offer was rebuffed by the target, is Whitestone's third-largest shareholder, with a 9.4% stake in the company. Whitestone's shares jumped as much as 7.9% on the news on Wednesday.