Transcontinental Realty Investors, Inc. commenced a cash tender offer on December 16, 2024, to purchase up to 100,000 outstanding shares of common stock of Income Opportunity Realty Investors, Inc. (IOR). Stockholders of IOR are offered $18.00 in cash for each share validly tendered, without interest and less any applicable withholding taxes. This offer aims to increase TCI's current ownership, which is already over 80% of IOR common stock.
The tender offer is scheduled to expire on Wednesday, January 15, 2025, at 5:00 pm, New York City time, unless it is extended. The consummation of the offer is conditioned on the tender of at least 49,353 shares of IOR common stock, along with other customary conditions specified in the offer documents. The Board of Directors of IOR, whose members also serve on TCI's board, has not made a recommendation to IOR stockholders regarding the tender.
TCI's intention behind this tender offer is to enhance its investment in IOR, a related party. Following the completion of the tender offer, TCI expects IOR common stock to remain listed on the NYSE American Exchange, with no anticipated changes in IOR's management or operations. This strategic acquisition aims to further consolidate TCI's position within its related entities.
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