Mach Natural Resources Stock Price, News & Analysis

Starwood Capital Group has reaffirmed its readiness to complete an all-cash acquisition of Monmouth Real Estate Investment Corporation (MNR) at $19.20 per share. The Monmouth Board has declined to classify this offer as a 'Superior Proposal' under its existing agreement with Equity Commonwealth (EQC), which is facing shareholder resistance and an unfavorable ISS recommendation. Starwood urges Monmouth shareholders to demand board engagement to ensure maximum value is delivered.

Monmouth Real Estate Investment Corporation (NYSE: MNR) has reaffirmed its unanimous support for the merger with Equity Commonwealth (NYSE: EQC). Shareholders can choose between receiving $19.00 in cash or tax-deferred equity consideration of 0.713 EQC shares. The merger aims to maximize value for shareholders, providing access to EQC's financial resources and expertise, a strengthened balance sheet, and enhanced market liquidity. Monmouth shareholders will continue to receive dividends during the merger process. A special meeting for shareholder voting is scheduled for August 31, 2021.

Monmouth Real Estate Investment Corporation has received an unsolicited acquisition proposal from Starwood Capital Group offering approximately $19.20 per share. This follows a prior agreement with Equity Commonwealth to acquire Monmouth for $19.00 per share.

Currently, Monmouth’s Board is assessing Starwood's proposal. The acquisition’s net cash consideration reflects a purchase price of $19.93 per share, less a termination fee to EQC of approximately $72 million. The decision is pending, as Monmouth aims to act in its shareholders' best interests.

Monmouth Real Estate Investment Corporation (MNR) announced the recognition of its strategic process regarding the merger with Equity Commonwealth (EQC) by Institutional Shareholder Services (ISS). Following extensive review, Monmouth's board believes this merger will enhance its position as an industrial REIT, leveraging its portfolio and expanding into new opportunities. ISS praised Monmouth's thorough bidding process, noting outreach to over 90 potential acquirors and competitive offers. Monmouth urges shareholders to vote 'FOR' the merger using the WHITE proxy card, emphasizing long-term value creation.

Monmouth Real Estate Investment Corporation (NYSE: MNR) urges stockholders to vote FOR the pending merger with Equity Commonwealth (NYSE: EQC). The merger promises a 26% valuation premium and represents a strategic move after a thorough review of alternatives with over 90 investors. The combined company aims to capitalize on favorable market trends in the industrial sector. The transaction is expected to close in the second half of 2021, pending stockholder approval on August 24, 2021. This merger will enhance liquidity and reduce costs, benefitting stockholders substantially.

Monmouth Real Estate Investment Corporation (NYSE:MNR) reported a net income of $17.3 million or $0.17 per diluted share for Q3 2021, down from $26.9 million or $0.27 per diluted share in Q3 2020. This marks a decrease of $9.6 million. Funds from Operations (FFO) decreased to $11.5 million or $0.12 per diluted share, while Adjusted Funds from Operations (AFFO) remained stable at $19.7 million. The decline in net income is mainly due to non-recurring costs of $8.7 million related to strategic alternatives and a merger process with Equity Commonwealth.

Monmouth Real Estate Investment Corporation (NYSE:MNR) has completed the acquisition of a 143,794 square foot industrial building in S. Burlington, VT, for $54.8 million. The property, net-leased to FedEx Ground Packaging System for 15 years, spans approximately 43.4 acres near Burlington International Airport. This acquisition marks Monmouth's first investment in Vermont and offers substantial future expansion potential due to its land-to-building ratio of over 13 times. Currently, Monmouth holds a diverse portfolio of 121 properties across 32 states with an occupancy rate of 99.7%.

Starwood Capital Group expressed disappointment over Monmouth Real Estate Investment Corp.'s rejection of its all-cash acquisition proposal. The firm claims its offer provides over $100 million more value to Monmouth shareholders compared to their existing merger agreement with Equity Commonwealth, with EQC's current stock price at $26.61. Starwood believes shareholders will be dissatisfied with the EQC transaction if approved by a two-thirds vote. Starwood is prepared to execute its fully financed offer to enhance shareholder value.

Monmouth Real Estate Investment Corporation (NYSE: MNR) reaffirmed its support for the merger with Equity Commonwealth (NYSE: EQC). The Board evaluated a competing offer from Starwood Capital Group, which proposed $18.88 to $19.51 per share, indicating that EQC's merger offers better long-term value. Factors favoring the EQC merger include access to $2.5 billion in cash, reduced debt obligations, and a stronger balance sheet. Monmouth stockholders will continue to receive dividends during the merger process and will benefit from tax-efficient share exchange.