The American Healthcare REIT Board of Directors has made no recommendation regarding an amended, unsolicited third-party bid mini-tender offer from Comrit Investments, according to a filing Friday with the Securities and Exchange Commission.
The Irvine, CA-based real estate investment trust was formed in November 2022 after the merger of Griffin-American Healthcare REIT III Inc. and Griffin-American Healthcare REIT IV. Among its holdings, the REIT owns 74% of Trilogy Health Services, and AHR executives said in February that the company is considering buying the remaining 26%.
AHR CEO, President and Director Danny Prosky on Friday told shareholders in a letter that Comrit’s offer to purchase stock at a price of $5.23 per share is approximately 62.1% lower than the AHR’s price at closing of the New York Stock Exchange on Thursday.
“While the board believes that the Comrit Offer, as amended, represents an opportunistic attempt by Comrit to purchase the shares and make a profit,” Prosky said, the board made no recommendation on the amended offer, realizing that stockholders may need near-term liquidity.
“It is the general position of the board to not make a recommendation with respect to tender offers and for each stockholder to evaluate such offers factoring their unique circumstances,” he added.
Prosky encouraged stockholders to meet with their financial advisers before making a decision.
Comrit has made offers several times over the past few years. Most recently, in January, the REIT’s board also chose to remain neutral on a Comrit solicitation.
“Stockholders who previously accepted the Comrit offer may withdraw their tender before the expiration of the Comrit Offer, as amended, by sending to Central Trade and Transfer, LLC a written or facsimile transmission notice of withdrawal,” Prosky said.
AHR announced in late January plans to launch an initial public offering. As of Feb. 9, the company had completed its IPO of 64.4 million shares of its common stock at a price to the public of $12 per share. The REIT’s stock trades on the NYSE under the symbol AHR.
Also on Friday, AHR announced a distribution of $0.25 per share for the first quarter.
