MacKenzie Affiliate Completes ARC-Retail Tender Offer
Coastal Realty Business Trust, an affiliate of real estate investment firm MacKenzie Capital Management LP, has completed its recent American Realty Capital – Retail Centers of America tender offer.
The company had offered to acquire up to one million shares of the ARC-Retail at $5.50 per share, but was able to purchase just 7,600 shares.
The ARC-Retail board had unanimously recommended that its shareholders reject the offer, which was $3.50 per share less than the estimated net asset value per share of $9.00.
The tender offer was $4.76 per share less than the estimated merger consideration of $10.26 that shareholders are expected to receive should the proposed merger with American Finance Trust, another non-traded REIT sponsored by AR Global (the successor company to American Realty Capital), be completed.