MCB Withdraws Offer to Buy Whitestone REIT

Dow Jones

2024-11-18

By Dean Seal

MCB Real Estate has withdrawn its offer to buy Whitestone REIT for $15 a share, saying the real estate investment trust's board has refused to negotiate.

The institutional investment-management firm, Whitestone's third-largest shareholder with a 9.4% stake, said it has made repeated efforts to engage with Whitestone's board in recent months and been rebuffed each time.

The REIT's board has refused to grant due diligence, partake in meaningful discussions or start a strategic alternatives process, MCB said, adding that the behavior "indicates a boardroom culture of entrenchment."

"We are disappointed and disturbed at the board's intransigence, entrenchment and apparent self-interest," MCB said in a letter to the board.

MCB upped its takeover offer for Whitestone last month from a previous bid at $14 a share.

Whitestone shares opened at $14.19 on Monday.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 18, 2024 09:49 ET (14:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WSR","symbol_name":"Whitestone REIT","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2484679837","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484679837","pubTimestamp":1731941340,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"MCB Real Estate has withdrawn its offer to buy Whitestone REIT for $15 a share, saying the real estate investment trust's board has refused to negotiate.The institutional investment-management firm, Whitestone's third-largest shareholder with a 9.4% stake, said it has made repeated efforts to engage with Whitestone's board in recent months and been rebuffed each time.The REIT's board has refused to grant due diligence, partake in meaningful discussions or start a strategic alternatives process, MCB said, adding that the behavior \"indicates a boardroom culture of entrenchment.\". \"We are disappointed and disturbed at the board's intransigence, entrenchment and apparent self-interest,\" MCB said in a letter to the board.MCB upped its takeover offer for Whitestone last month from a previous bid at $14 a share.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"WSR":"Whitestone REIT","MCB":"Metropolitan Bank Holding Corp.","BK4211":"区域性银行","REIT":"ALPS Active REIT ETF","BK4080":"零售业房地产投资信托","CFA.SI":"NikkoAM-STC Asia REIT","BK4231":"零售房地产信托"},"translate_title":"MCB撤回收购Whitestone REIT的要约","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CFA.SI":1,"MCB":1,"REIT":1,"WSR":1},"content_text":"By Dean Seal \n\n\n \n\n\n  MCB Real Estate has withdrawn its offer to buy Whitestone REIT for $15 a share, saying the real estate investment trust's board has refused to negotiate. \n\n\n  The institutional investment-management firm, Whitestone's third-largest shareholder with a 9.4% stake, said it has made repeated efforts to engage with Whitestone's board in recent months and been rebuffed each time. \n\n\n  The REIT's board has refused to grant due diligence, partake in meaningful discussions or start a strategic alternatives process, MCB said, adding that the behavior \"indicates a boardroom culture of entrenchment.\" \n\n\n  \"We are disappointed and disturbed at the board's intransigence, entrenchment and apparent self-interest,\" MCB said in a letter to the board. \n\n\n  MCB upped its takeover offer for Whitestone last month from a previous bid at $14 a share. \n\n\n  Whitestone shares opened at $14.19 on Monday. \n\n\n \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 18, 2024 09:49 ET (14:49 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}