Overview
- The bid values Whitestone at a 21% premium to Monday’s close and roughly a 25% premium to the 30‑day VWAP, implying about 14x next‑twelve‑month FFO.
- MCB says the proposal is supported by fully committed equity and a debt financing letter from Wells Fargo.
- The firm disclosed ownership of about 9% of Whitestone and urged the company to engage or launch a public strategic review.
- MCB warned it will vote against the entire board at the next annual meeting and encouraged other shareholders to follow suit.
- Whitestone shares rose roughly 11% on the announcement, after the board rejected earlier MCB offers in 2024 and faced criticism over operating performance.