Transcontinental Realty Investors, Inc. announced an extension of its tender offer to purchase shares of Income Opportunity Realty Investors, Inc. (IOR) common stock, moving the expiration date to January 29, 2025, at 5:00 pm New York City time. The offer, which was previously set to expire on January 15, 2025, maintains all original terms and conditions, including the $18.00 per share cash price.
As of the initial scheduled expiration time on January 15, 2025, the Depositary for the tender offer reported that at least 126,915 shares of IOR common stock had been validly tendered and not withdrawn. This preliminary number significantly exceeded the 100,000 shares TCI initially sought to purchase in the limited tender offer. Approximately 121,358 of these tendered shares were from CEDE, with 5,557 from holders of record.
TCI has the right to purchase all shares tendered and eliminate any pro-ration of shares, but the company has not yet made a final determination on this matter. The decision will be made by the scheduled January 29, 2025, expiration time. The extension provides additional time for IOR stockholders to consider tendering their shares.
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