Apple Nine Recommends Rejection of Unsolicited, Opportunistic Tender Offer by MacKenzie Capital Management, LP
Monday, May 14th, 2012RICHMOND, Va.–()–Apple REIT Nine, Inc. (“Apple Nine”) has been notified of an unsolicited
tender offer by a group of entities affiliated with MacKenzie Capital
Management, LP (collectively “MCM”) to purchase up to 9,120,000 shares
of common stock and the associated shares of Series A preferred stock
(together, the “Units”) of Apple Nine at a price of $6.25 per Unit. The
tender offer is limited to 9.12 million Units or approximately 5% of
Apple Nine’s outstanding Units. Apple Nine is not affiliated with MCM,
and believes this offer is not in the best interests of its
stockholders. The Board of Directors of Apple Nine has carefully
evaluated the terms of MCM’s offer and unanimously recommends that
stockholders reject MCM’s offer and not tender their Units.
Apple Nine has filed with the Securities and Exchange Commission (“SEC”)
a Schedule 14D-9 providing a detailed response to the MCM’s offer. Apple
Nine encourages stockholders to read the Schedule 14D-9 before making a
decision regarding the offer. Stockholders may review and obtain copies
of the Schedule 14D-9 and all amendments thereto free of charge at the
SEC’s website at Article source: Read More Here
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