Retail Properties of America Inc., a real estate company which owns shopping centers in 35 states, said its shareholders should reject a mini-tender offer from Lapis Investment Business Trust to purchase up to 100,000 shares from each class of the company’s common stock for $8.25 per share.
A search on the Securities and Exchange Commission’s Edgar database for more information about Lapis and the offer was unsuccessful.
According to a press release from Retail Properties, the offer commenced on Sept. 1, and it was 36% below the closing price from the previous day of $11.22 per share. The company was trading at $11.46 per share as of noon today.
Retail Properties’ Class A stock listed on April 5; there are three classes of Class B stock which are not listed on a national securities exchange. But all three will convert to Class A, with the B-1 scheduled on Oct. 5, the B-2 six months later and the B-3 one year later.