Reuters – Sizeler Property Investors Inc. is facing increased pressure from a hedge fund shareholder to reject a deal to sell itself to Revenue Properties Co., according to a regulatory filing onWednesday.<\/p>\n
Kenner, Louisiana-based Sizeler, a real estate investment trust that holds 30 U.S. commercial and residential real estate properties, in August agreed to sell itself to Revenue Properties for $15.10 cash a share, or about $324 million.<\/p>\n
On Tuesday, however, Boca Raton, Florida,-based Compson Holding Corp. disclosed that it is willing to boost a previous, competing offer of $15.50 per share for the bulk of Sizeler assets to $16.10 per share.<\/p>\n
The Compson move prompted Sizeler shareholder Opportunity Partners LP, which is led by activist investor Phillip Goldstein, to call for Sizeler to reconsider the Revenue Properties deal, according to a filing with the U.S. Securities and Exchange Commission.<\/p>\n
“In light of the the superior all-cash offer proposed by Compson, we call on the board (of Sizeler) to immediately enter into discussions with Compson or any other interested party that may be willing to offer a premium to the current $15.10 per share offer,” said Goldstein in a letter to Sizeler.<\/p>\n