Monmouth Real Estate (MNR) Announces Review of Strategic Alternatives (Earlier)
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Monmouth Real Estate Investment Corporation (NYSE: MNR) (“Monmouth” or the “Company”) today announced that its Board of Directors (the “Board”), working together with its legal and financial advisors, has unanimously decided to explore strategic alternatives to maximize stockholder value.
The Board intends to consider the full range of available alternatives including a potential sale or merger of the Company. Monmouth has retained J.P. Morgan to work collaboratively with CS Capital Advisors to assist and advise the Board in its strategic review. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction. Brian Haimm, Monmouth’s Lead Independent Director, said, “We are undertaking a comprehensive and thorough review of all available alternatives, and our Board and management are committed to taking the appropriate and necessary actions to further enhance value for Monmouth stockholders.”
The Board does not intend to disclose further developments unless and until it approves a specific action or otherwise concludes the review of strategic alternatives.
The Board, after review and consideration with the assistance of CS Capital Advisors and Venable, has also determined that the non-binding, unsolicited and conditional proposal sent on December 18, 2020, by Blackwells to acquire the Company for $18.00 per share is not in the best interest of the Company.
In light of its consideration of strategic alternatives, the Board has determined to suspend the Company’s Dividend Reinvestment and Stock Purchase Plan (the “Plan”), effective immediately. As a result, stockholders will receive dividends in cash effective with the dividend currently scheduled to be paid on March 15, 2021. If Monmouth reinstates the Plan in the future, stockholders that remain enrolled at reinstatement will automatically resume participation in the Plan.
Venable LLP is serving as Monmouth’s legal counsel, and CS Capital Advisors and J.P. Morgan are acting as the Company’s financial advisors.
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