04:57 PM EDT, 07/09/2025 (MT Newswires) -- Orion Properties ( ONL ) said late Wednesday its board rejected Kawa Capital Management's cash offer to acquire the real estate investment trust for $2.50 per share.

Orion said Kawa Capital's offer "significantly undervalues" the company, and its decision to reject the proposal was based on a review process and is in the best interests of shareholders.

Shares were down 5% during after-hours trading.