Whitestone REIT's (WSR) proposed acquisition by MCB Real Estate has been withdrawn.
MCB said Monday it had offered to acquire Whitestone for $15 per share in cash, which it said represented a 14.5% premium to Whitestone's share price before its initial bid June 3.
"We are disappointed and disturbed at the board's intransigence, entrenchment and apparent self-interest," MCB wrote in a letter to Whitestone's board of trustees, announcing the withdrawal of its proposed acquisition.
Whitestone REIT did not immediately respond to a request for comment from MT Newswires.
Price: 14.36, Change: +0.02, Percent Change: +0.14
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