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InvenTrust Properties Receives Notice of Unsolicited Mini-Tender Offer

November 8, 2017

InvenTrust Properties Receives Notice of Unsolicited Mini-Tender Offer

November 8, 2017 | James Sprow | Blue Vault

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InvenTrust Properties, Inc. (“InvenTrust” or the “Company”) has received notice on October 30 that Liquidity Partners Trust I, a Delaware statutory trust, filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (“SEC”) regarding an unsolicited mini-tender offer (the “Offer”) to purchase shares of common stock of the Company.

The Board of Directors of the Company (the “Board”) will carefully review and consider the Offer at its meeting scheduled for November 9, 2017 in order to determine whether the Board recommends acceptance or rejection of the Offer, remains neutral with respect to the Offer, or is unable to take a position with respect to the Offer. Such determination and recommendation to the Company’s stockholders, together with the reasons therefor, will be disclosed in the Company’s Solicitation/Recommendation Statement on Schedule 14D-9, which will be filed by the Company with the SEC and disseminated to the Company’s stockholders.

The Tender Offer Statement on Schedule TO relates to the Offer by Liquidity Partners Trust I, a Delaware statutory trust (the “Purchaser”), to purchase up to 2,000,000 shares of common stock, par value $0.001 per share of InvenTrust Properties Corp., at a purchase price of $1.55 per Share, upon the terms and subject to the conditions set forth in the Offer to Purchase (the “Offer to Purchase”) dated October 30, 2017.

MacKenzie Realty Capital, Inc., had offered to purchase up to 10 million shares of the Company’s common stock at $1.49 per share in a tender offer on September 29, 2017. The Board recommended rejection of that tender offer in a filing on October 5, 2017.

InvenTrust Properties, formerly known as Inland American Real Estate Trust, Inc., is a self-managed nontraded REIT with a diversified portfolio consisting of 71 investments in wholly-owned multi-tenant retail assets located in 18 states as of June 30, 2017.  The Company’s most recent NAV per share was reported at $3.29 as of May 1, 2017.  

All of the Company’s reports and filings with the SEC, are available, free of charge, through the SEC website located at http://www.sec.com.

 

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Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.