MCB Withdraws Proposal to Acquire Whitestone Due to Whitestone Board's Entrenchment and Refusal to Engage

Calls on Independent Trustees of Whitestone to Initiate Strategic Review Process to Maximize Value for Whitestone Shareholders

Reminds Trustees of the Whitestone Board's Fiduciary Duties

BALTIMORE, Nov. 18, 2024 /PRNewswire/ -- MCB Real Estate ("MCB"), a leading commercial real estate developer and investment management firm with a diverse nationwide portfolio and approximately $3 billion in AUM, today sent a letter to the Board of Trustees of Whitestone REIT (NYSE:WSR) ("Whitestone") withdrawing MCB's previously announced proposal to acquire the company.

MCB sent the following letter to the Whitestone Board:

November 18, 2024

Board of Trustees
C/O David K. Holeman
Whitestone REIT
2600 S. Gessner Rd, Suite 500
Houston, TX 77063

Dear Whitestone REIT Board of Trustees:

MCB Real Estate ("MCB" or "we") delivered an attractive, fully-financed proposal to the Whitestone Board to acquire Whitestone for $15 per share in an all-cash transaction. Our proposal would maximize value to Whitestone's shareholders, delivering immediate and certain value in the form of a 14.5% premium to Whitestone's share price prior to our initial proposal on June 3, 2024, and a 61.8% premium to Whitestone's unaffected share price prior to the rumored Fortress proposal on October 26, 2023. We have made repeated efforts to engage with the Whitestone Board over the last several months, but each of those attempts has been summarily rebuffed. The Board's refusal to grant due diligence, engage in any meaningful discussions, or ...

Full story available on Benzinga.com