09:54 AM EST, 11/18/2024 (MT Newswires) -- Whitestone REIT's ( WSR ) proposed acquisition by MCB Real Estate has been withdrawn.

MCB said Monday it had offered to acquire Whitestone for $15 per share in cash, which it said represented a 14.5% premium to Whitestone's share price before its initial bid June 3.

"We are disappointed and disturbed at the board's intransigence, entrenchment and apparent self-interest," MCB wrote in a letter to Whitestone's board of trustees, announcing the withdrawal of its proposed acquisition.

Whitestone REIT ( WSR ) did not immediately respond to a request for comment from MT Newswires.

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