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American Finance Trust Offers Self Tender in Defensive Move

May 1, 2018

American Finance Trust Offers Self Tender in Defensive Move

May 1, 2018 | Beth Glavosek | Blue Vault

On April 30, 2018, American Finance Trust commenced a self-tender offer for up to 1 million shares in response to other potential bidders, including most recently MacKenzie Capital Management. On April 18, 2018, MacKenzie commenced an unsolicited offer to purchase up to 1 million shares of American Finance Trust’s common stock at a price of $15.35 per share in cash, less any distributions paid after May 7, 2018, on shares that are tendered.

In comparison, American Finance Trust’s self-tender would repurchase shares at $15.45 per share and not be reduced by any distributions paid on tendered shares.

However, the American Finance Trust Board is recommending that its stockholders do not tender their shares under either the self-tender offer or the lower MacKenzie offer because both offers are still well below the current estimated per-share NAV.

 

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