Monmouth Real Estate Investment Corporation, based in Holmdel. NJ, said Monday it had received an unsolicited proposal from Blackwells Capital LLC to acquire the outstanding shares of the company for $18.00 per share in cash, a valuation of nearly $1.8 billion. The Dec. 21 proposal follows an earlier bid from Blackwells for $16.75 per share, which the industrial REIT rejected.
In a statement, Monmouth’s board said it would “carefully review and consider the revised proposal at its next meeting.”
New York City-based Blackwells called for a special committee of the board to review its proposal. CIO Jason Aintabi said, “As a public company, Monmouth has significantly underperformed comparable industrial REITs over the last five years, further exacerbated by the stock’s lack of liquidity. Blackwells’ cash offer provides shareholders immediate liquidity at a 17% premium above consensus net asset value – though the stock has long traded at a discount to it.”
Pictured: A Monmouth industrial property in Pittsburgh.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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