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InvenTrust Shareholders Receive Third Party Tender Offer for $1.55 Per Share

October 31, 2017

InvenTrust Shareholders Receive Third Party Tender Offer for $1.55 Per Share

October 30, 2017 | James Sprow | Blue Vault

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InvenTrust Properties Corp. received a cash tender offer from Liquidity Partners Trust I for up to 2.0 million of InvenTrust’s common shares at $1.55 per share.

Liquidity Partners would fund the offer, which could total up to $3.1 million, with cash on hand and would own 0.27% of InvenTrust’s outstanding common shares if the offer were to be fully subscribed.

The offer expires at 5 p.m. ET on December 1, unless extended. CFX Direct LLC is the transfer service agent.

On September 29, MacKenzie Realty Capital made a tender offer to purchase up to 10,000,000 shares of InvenTrust common stock for $1.49 per share. The board of directors of InvenTrust recommended that shareholders reject the tender offer.

Central Trade & Transfer, an auction site for alternative investment shares, had several lots of InvenTrust shares listed for sale at prices ranging from $1.95 to $2.00 per share as of Monday, October 30. The REIT reported a net asset value per share (NAV) as of May 1, 2017 of $3.29. 

As of June 30, 2017, the nontraded REIT owned 86 properties with gross leasable area of 15.5 million square feet. One property was classified as office, the other 85 were classified as retail. Among the retail tenants were Ross Stores (28), PetSmart (21), Best Buy (19) and Michaels Stores (14). The sole office property was Worldgate Plaza in Herndon, Virginia, with four buildings comprising 322,326 square feet. 

 

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