MCB Real Estate Requests Response from Whitestone REIT Board of Trustees Regarding Compelling, All-Cash Acquisition Proposal
MCB Real Estate Requests Response from Whitestone REIT Board of Trustees Regarding Compelling, All-Cash Acquisition Proposal |
| [07-January-2026] |
Reaffirms Commitment to Pursuing All Measures to Maximize Value for Shareholders, Including by Voting Against All Incumbent Whitestone Board Members BALTIMORE, Jan. 7, 2026 /PRNewswire/ -- MCB Real Estate ("MCB"), a leading commercial real estate developer and investment management firm with a diverse nationwide portfolio and approximately $4 billion in AUM, today sent a letter to the Board of Trustees of Whitestone REIT (NYSE: WSR) ("Whitestone" or the "Company") regarding MCB's previously announced proposal to acquire all of the outstanding shares of Whitestone REIT for $15.20 per share in cash, with no financing contingency.
The full text of the letter is as follows: January 7, 2025 Board of Trustees Dear Whitestone REIT Board of Trustees: MCB Real Estate has yet to receive a response from the Whitestone Board, management team or advisors since we submitted a compelling, fully-financed proposal to acquire Whitestone REIT at an attractive 21.0% premium to the Company's unaffected share price on November 3, 2025. As a significant shareholder owning approximately 9.2% of outstanding shares, MCB is asking the Whitestone Board to do its job and advance the best interests of all shareholders by responding to the acquisition proposal submitted more than two months ago. We stand ready to consummate the proposed acquisition of Whitestone for $15.20 per share – and are willing to consider increasing our proposal price if Whitestone would grant due diligence and demonstrate that more value is warranted. MCB is committed to taking all actions necessary to maximize value for Whitestone shareholders. More than a year has passed since the Board rejected MCB's previous acquisition proposal, but Whitestone has not made meaningful progress towards closing the Company's significant value gap or addressing its material underperformance relative to peers. We remain resolute that a sale of the Company is the best and only way to maximize value, and that the incumbent board members must take action now or be removed. Accordingly, we remain committed to voting against all incumbent Whitestone directors at the next Annual Meeting of Shareholders. We know many of our fellow Whitestone shareholders share our frustration with the Board and management team's inaction, evidenced by recent public events and reporting. We ask each member of the Whitestone Board to uphold their fiduciary duty to all shareholders by authorizing engagement with MCB or entering into a public strategic alternatives process. Sincerely, Advisors About MCB Real Estate Additional Information This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, MCB and its executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Additional information regarding the interests of such potential participants will be included in one or more proxy statements, tender offer documents or other documents filed with the SEC if and when they become available. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. These documents (if and when available) may be obtained free of charge from the SEC's website at http://www.sec.gov. Media Contacts Andrew Siegel / Lyle Weston
SOURCE MCB Real Estate | ||
Company Codes: NYSE:WSR |
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