10:01 AM EDT, 10/09/2024 (MT Newswires) -- Whitestone REIT ( WSR ) shareholder MCB Real Estate said Wednesday that it sent a letter to Whitestone's board, increasing its offer to acquire the real estate investment trust to $15 per share in an all-cash transaction.

The bid is higher than MCB Real Estate's previous offer of $14 per share, which Whitestone rejected, according to MCB Real Estate.

MCB said it holds about 4.7 million, or 9.4%, of Whitestone's common shares, making it Whitestone's third largest shareholder.

Whitestone declined to comment to MT Newswires.

Whitestone shares rose 7.6% in early Wednesday trading.

Price: 14.49, Change: +1.02, Percent Change: +7.57