12:54 PM EDT, 06/11/2024 (MT Newswires) -- Whitestone REIT ( WSR ) rejected an offer by shareholder MCB Real Estate to acquire the business, according to a securities filing late Monday.

The company said the offer did not represent a fair valuation for the business and that it has a plan for creating long-term shareholder value significantly higher than MCB's offer.

MCB on June 3 made a nonbinding proposal to acquire the company for $14 per share, a 17% premium to the company's 60-day volume weighted average price through May 31. MCB said it owned 9.4% of the company's outstanding shares at the time it made the offer.

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