Resurgent Realty Trust (RRT) announced the withdrawal of its prior offers to purchase Generation Income Properties (GIPR) shares at $2.50, $2.75, and $3.00. RRT's current offer is now $1.45 per share.
This reduction is attributed to the negative impact of GIPR’s recent asset sales on its net asset value (NAV) and the continued erosion of GIPR’s share price. The new offer represents a discount of approximately 15% to Resurgent’s estimated NAV for GIPR of $1.70.
RRT also reiterated its intention to pursue all legal remedies to maximize the value of its investment in GIPR. This includes formally requesting a non-disclosure agreement and proxy questionnaire to nominate an alternate slate of directors for election at the company’s next annual meeting.
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