Monmouth Real Estate Purchase Offer changed to higher


Matt Grossman

Monmouth Real Estate Investment Corp. received a revised offer raising the price in an unsolicited acquisition offer that Monmouth received earlier this month, a real estate investment fund said.

Under the revised offer, the private equity firm behind the offer will buy Monmouth at $ 18.88 per share. The offer increases the offered price by 18 cents per share, the company said on Friday.

In May, Monmouth agreed to merge with Equity Commonwealth. To accept the unsolicited offer instead, Monmouth would have to pay a fine of $ 62.2 million, or 63 cents per share. The unsolicited offer price of $ 18.88 per share does not include termination fees.

The private equity firm behind the unsolicited offer raised its price because it chose not to reduce that amount by the planned 18 cents per share of Monmouth dividend.

Monmouth shares closed at $ 19.23 on Friday, up about 11% year-to-date.

The Monmouth board said it would evaluate the amended proposal, but has yet to decide on its response.

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