Nov. 6 at 8:58 PM
Whitestone REIT confirmed it received an unsolicited all-cash takeover offer from MCB Real Estate at
$15.20 per share — the Baltimore-based investment firm’s third attempt to acquire the shopping center owner in 18 months.
The bid values Whitestone at about
$1.3 billion and represents a 21% premium to its pre-announcement share price. The company said its board will review the proposal with financial and legal advisers to determine if it serves shareholders’ best interests.
MCB, which owns roughly 9.2% of Whitestone’s shares, has pushed for negotiations or a formal strategic review, warning it will vote against all current directors at the next shareholder meeting if the board refuses to engage.
The new offer follows previous bids of
$14 and
$15 per share in June and October 2024, both rejected. MCB has criticized Whitestone for failing to unlock value and says the REIT continues to trade at a steep discount to peers.
$WSR