CMG Offers $5.25 Per Share for Phillips Edison REIT, REIT Counters with $6.00 Self-Tender Offer

April 27, 2016

Apr 26 2016 | Article by DI Wire

Phillips Edison Grocery Center REIT I, a publicly registered non-traded real estate investment trust, reported that CMG Partners made a tender offer to purchase 9.3 million shares of common stock from its investors for $5.25 per share. The offer expires June 6th.

On the same day CMG proposed their tender offer, Phillips Edison countered with a self-tender offer for the same number of shares priced at $6.00 each and expiring on June 7th. The REIT’s share repurchase program was temporarily suspended during its tender offer as required by SEC rules.

As reported by The DI Wire, Phillips Edison REIT estimated that its shares have an appraised value of approximately $10.20 each, which is also the price per share offered in the company’s share repurchase program. During the fourth quarter of 2015, repurchase requests exceeded the funding limits under the program – this left 3.4 million share repurchase requests unfulfilled.

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