Inland American tries to kill mini tender offers

Inland American tries to kill mini tender offers

Postby privatereitguy » Tue Jun 01, 2010 9:29 am

Interesting development from Inland American. They have been the target of mini-tenders in the past and I guess they have had enough...

From the Private REIT Exchange Blog post - http://privatereitexchange.com/blog/2010/06/01/non-traded-reits-inland-american-tries-to-kill-mini-tender-offers/

Inland American tries to kill mini-tender offers

"So, unless you own 5+% of the company’s stock, you can’t get access to the shareholder list and then mail out tender offers. Mini-tenders may or may not offer fair prices (see the SEC’s comments here), but if restricted it eliminates one of the few ways for investors to gain liquidity for their private REIT shares."

Does anybody else know of other non-traded REITs trying to pass these types of measures?

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Re: Inland American tries to kill mini tender offers

Postby REIT Wrecks » Tue Jun 01, 2010 10:17 am

Interesting. I do know of another REIT that actually runs the tender offer mailings on behalf of the tenderor, rather than give out the shareholder list, but that was the extent of their interference, and it was obviously meant to protect their list - not shareholders. I'm sure the publicity around tender offers going out at less than half the offer price is not great for business either.

I've actually been surprised that they've allowed these mini-tenders to go unhindered for as long as they have, but I always assumed it was a reflection of the three things that really interest them: fees, fees, and fees!

Here is that link to the SEC guidance on mini-tenders:

http://www.sec.gov/investor/pubs/minitend.htm

Thanks for the link to your blog post. I am curious to see how this unfolds.

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Re: Inland American tries to kill mini tender offers

Postby mikelafrench » Tue Apr 08, 2014 4:59 pm

As Inland American’s estimated share value remains far below the price original investors paid, the Trust’s growing exposure to hotels is examined in a new report. Why has Inland continued to plow money into hotels instead of returning capital to its shareholders?
Read more at [url]http://www.inlandinvestoralert.org/
[/url]

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