Creative Media & Community Trust rises after co rejects buyout bid
08/05/2023 16:12
** Shares of real estate investment trust Creative Media &
Community Trust Corporation CMCT.O up 1.34% at $4.53
** Co says buyout proposal received from a stake holder
Daniel M. Negari is not in best interest of its shareholders
** Negari in April proposed to acquire CMCT at $8.88/share
** Offer "substantially undervalues CMCT"; board does not
consider Negari's proposal as credible as he does not have
committed financing to pay the proposed purchase price or settle
obligations upon completion - co
** As of Feb 24, Negari reported 5.4% stake in CMCT
** YTD, stock was flat; down 33.33% in 2022
(Reporting By Akshita Toshniwal)
((Akshita.Toshniwal@thomsonreuters.com))