Comrit Investments Announces Tender Offer Update for CIM Trust
Comrit Investments Reinstates Tender Offer Expiration Date
Comrit Investments 1, Limited Partnership has made a significant announcement regarding its tender offer for shares of CIM Real Estate Finance Trust, Inc. Known as the "Purchaser," Comrit is seeking to acquire up to 14,300,000 shares at a price of $3.65 per share. This update underscores the firm’s commitment to maintaining a structured and transparent approach to the share acquisition process.
Details of the Tender Offer
The tender offer, which was previously amended, will now revert to its original expiration date set for March 26, 2025. This decision allows shareholders and interested parties to understand the timeline and remain aligned with the terms and conditions outlined in the Offer to Purchase documents shared with CIM's shareholders.
Current Participation and Shareholder Information
As of the announcement date, approximately 871,924 shares have already been tendered. The Purchaser is not affiliated with CIM Real Estate Finance Trust and operates independently, aiming to profit from this strategic investment move. Notably, the REIT has estimated the net asset value per share to be $6.09, a figure that may be updated as the tender process progresses.
Funding and Acquisition Intentions
Funding for the purchase of the shares will be sourced from Comrit's cash reserves. It is important to clarify that this tender offer is not intended to acquire control over CIM Real Estate Finance Trust but is rather a straightforward investment opportunity for the shareholders to consider during the tender period.
Understanding the Tender Process
The tender offer will close at 11:59 PM Eastern Time on the specified expiration date unless Comrit chooses to extend it. Should there be any material changes to the offer's terms, the Purchaser will appropriately notify the shareholders, allowing them a minimum of 10 business days to respond. For the purposes of this offer, a business day excludes weekends and federal holidays.
Document Accessibility and Shareholder Rights
Shareholders who tender their shares have the right to withdraw their tender prior to the expiration date. This process requires notifying Central Trade and Transfer, LLC, ensuring the necessary steps are taken to maintain order and legal compliance throughout the share tendering process.
Tender Offer Documentation
The complete terms of the offer, including any updates and relevant tax information, will be provided in the Tender Offer Documents. Shareholders are advised to thoroughly review these documents before making any decisions regarding their shares. Additional information is critical in ensuring they make well-informed choices about their investments.
Concluding Remarks
Comrit Investments 1, Limited Partnership is committed to transparency and clarity in its operations regarding the tender offer. This announcement serves to provide essential information to shareholders of CIM Real Estate Finance Trust, ensuring they are informed of the latest developments and the status of the offer.
Frequently Asked Questions
What is Comrit Investments' offer for CIM Real Estate Finance Trust?
The offer is to purchase up to 14,300,000 shares at a price of $3.65 each.
What is the expiration date for the current tender offer?
The current expiration date is set for March 26, 2025, at 11:59 PM Eastern Time.
Can shareholders withdraw their tendered shares?
Yes, shareholders can withdraw their tendered shares at any time before the expiration date.
What happens if Comrit makes changes to the offer?
If there are material changes to the offer, the Purchaser will extend the offer and notify shareholders, allowing them adequate time to respond.
How can shareholders access the Tender Offer Documents?
Shareholders can obtain copies of the Tender Offer Documents by contacting Central Trade and Transfer, LLC or visiting their website.
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