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ARC New York City REIT urges against MacKenzie Realty's mini-tender offer

Dec 03, 2018 - SNL Financial

American Realty Capital New York City REIT Inc. urged its stockholders to reject MacKenzie Realty Capital Inc.'s unsolicited mini-tender offer for up to 500,000 common shares of the nontraded real estate investment trust at $11.50 apiece.

The REIT argued, among other things, that MacKenzie's offer "represents yet another opportunistic attempt" to make a profit by acquiring its shares at a low price.