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Comrit Mini-Tender Offer for Phillips Edison Grocery Center REIT I

December 8, 2016

Comrit Mini-Tender Offer for Phillips Edison Grocery Center REIT I

December 9, 2016 | by Beth Glavosek | Blue Vault

Comrit Investments 1, LP, has offered to make a cash purchase of up to 1 million shares of Phillips Edison Grocery Center REIT I common stock at a price of $8.50 per share.

The REIT’s Board of Directors has unanimously recommended that stockholders reject the offer and not tender their shares. According to the REIT’s latest 8-K filing on December 5, the offer commenced November 23, 2016, and will expire December 30, 2016, unless extended.

The Board believes that the offer price is significantly less than the current and potential long-term value of the shares. On April 14, 2016, it approved an estimated value per share of $10.20 for the REIT’s common stock. “The Purchaser's offer price of $8.50 per share is 17% less than this estimated value per share,” according to Chairman of the Board and CEO Jeffrey Edison.

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Learn more about Phillips Edison, the sponsor of Phillips Edison Grocery Center REIT I on our Sponsor Focus page.

 

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