MCB PR Capital LLC made a proposal to acquire remaining 90.6% stake in Whitestone REIT (NYSE:WSR) for approximately $630 million on June 3, 2024. MCB made an all cash offer to acquire all of the outstanding common shares of Whitestone, at a price of $14.00 per share. MCB expect to fund the acquisition with a combination of equity and debt.

MCB currently owns 4,690,000 of the Company?s common shares, representing approximately 9.4% of Whitestone's outstanding common shares. Equity for this transaction is fully committed from discretionary capital managed by MCB. With respect to the debt portion of the acquisition, MCB received a Highly Confident Letter from Wells Fargo with respect to the debt financing needed to complete the transaction.

MCB expect the transaction?s definitive agreements to contain terms customary for a public REIT go-private transaction, including a customary condition to closing related to obtaining the approval of the Company?s shareholders. The Proposal is non-binding and subject to confirmatory diligence, as well as the execution of definitive transaction agreements. MCB has engaged Vinson & Elkins L.L.P. as lead counsel in connection with this transaction.