{"id":11433,"date":"2016-12-08T19:15:18","date_gmt":"2016-12-09T00:15:18","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=11433"},"modified":"2016-12-08T19:15:18","modified_gmt":"2016-12-09T00:15:18","slug":"comrit-mini-tender-offer-for-phillips-edison-grocery-center-reit-i","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/comrit-mini-tender-offer-for-phillips-edison-grocery-center-reit-i\/","title":{"rendered":"Comrit Mini-Tender Offer for Phillips Edison Grocery Center REIT I"},"content":{"rendered":"

Comrit Mini-Tender Offer for Phillips Edison Grocery Center REIT I<\/strong><\/h1>\n

December 9, 2016 | by Beth Glavosek | Blue Vault<\/p>\n

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

The REIT\u2019s Board of Directors has unanimously recommended that stockholders reject the offer and not tender their shares. According to the REIT\u2019s latest 8-K filing<\/a> on December 5, the offer commenced November 23, 2016, and will expire December 30, 2016, unless extended.<\/p>\n

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\u2019s common stock. \u201cThe Purchaser’s offer price of $8.50 per share is 17% less than this estimated value per share,\u201d according to Chairman of the Board and CEO Jeffrey Edison.<\/p>\n

\"didyouknow_sponsorfocus-green\"<\/p>\n

Learn more about Phillips Edison<\/a>, the sponsor of Phillips Edison Grocery Center REIT I on our Sponsor Focus page.<\/p>\n

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Other news on Phillips Edison Grocery Center REIT I:<\/h4>\n