Phillips Edison & Co. Increases Tender Offer to 17,400,000 Shares

December 14, 2020

The nontraded REIT announced on November 10, 2020, a tender offer for 4,500,000 shares at $5.75 per share that was set to expire on December 15 at 5:00 PM.  On December 14, 2020, the REIT announced an increase in the number of shares it is offering to purchase to 17,400,000 shares and an extension of the expiration date of the offering until 5:00 PM EST on Tuesday, December 29, 2020.  In accordance with rules promulgated by the SEC, the Company may increase the number of shares accepted for payment in the offer by up to, but not more than, 2% of the outstanding shares without amending or extending the offer.

Tendering stockholders whose shares of Common Stock are accepted for payment will lose the opportunity to participate in any potential future upside and future growth of the Company with respect to such shares of Common Stock and will lose the right to receive any future dividends or distributions that the Company may declare and pay including the upcoming distribution payable in January 2021.

As previously announced on November 9, 2020, the Company’s Board of Directors declared a payment of $0.02833333 per share of Common Stock to stockholders of record at the close of business on December 28, 2020 (the “Record Date”) with the distribution expected to be paid on January 7, 2021 (the “Payment Date”). As a result of the extension of the Tender Offer, the Company’s Board of Directors has adjusted the dates for the upcoming distribution and the Record Date has been moved to the close of business on December 31, 2020 and the Payment Date has been moved to January 12, 2021.

Source:  SEC