In connection with our consideration of strategic alternatives, we are in possession of material non-public information and based on the advice of outside legal counsel our board of directors has decided that suspension of our Second Amended and Restated Share Redemption Program (the “SRP”) is in the best interests of our company and our stockholders. Accordingly, the SRP has been suspended indefinitely, effective as of June 18, 2012. Our board of directors may in the future reinstate the SRP, although we can provide no assurances as to if or when this will happen.It appears that the REIT is looking at some sort of undisclosed big transaction, big enough to warrant canceling its share redemption program. Behringer Harvard Multifamily I had announced in its 2012 first quarter 10-Q that it had hired an investment bank to explore strategic alternatives, which is a euphemism for seeking a sale of the company or its assets, or a merger with another company.
In its first quarter 10-Q, the REIT lists $2.8 billion of assets, including $613 million of cash.
2 comments:
Will Never Happen - this REIT and firm is dead!
Anonymous, tell us how you really feel!
As long as BHMR I has over $600 million in cash, it ain't dead, especially if someone can buy the REIT at a discount.
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