Ongoing Mini-Tenders on Non-traded Securities

Registered tender offers (Tender offers for which the bidder filed SC TO-T)

Unregistered tender offers (Tender offers for which the bidder did not file form SC TO-T)

Historical Data

Mini-tenders on non-traded securities typically involve steep discounts to NAV.  Generally only a small portion of shareholders accept the offer.

This table shows results for mini-tenders from major bidders since 2016.

MEDIAN of Price/NAV MEDIAN of Shares Tendered/Shares Sought
CMG Partners 55.09% 1.35%
Everest REIT Investors 69.21% 9.19%
IG Holdings 48.57% 0.00%
Mackenzie and Affiliates 59.63% 3.73%
Grand Total 63.85% 5.44%