Transcontinental Realty Investors, Inc. announced the completion of its tender offer for shares of Income Opportunity Realty Investors, Inc. (IOR) common stock, which expired on January 29, 2025. At the extended expiration time, a total of 21,128 shares had been validly tendered and not withdrawn from the offer. This final count was lower than the preliminary number reported earlier in the month.
TCI determined to purchase all 21,128 shares that were tendered and waived the minimum condition requirement for the offer. The Depositary for the offer, Equiniti Trust Company, LLC, advised that approximately 12,751 of the finally tendered shares were from CEDE, and 8,377 were from holders of record. Payment for these shares is being made promptly by the Depositary.
The acquisition of these 21,128 shares increases TCI's ownership of IOR common stock by approximately 0.5196%. This move aligns with TCI's stated intention to increase its investment in IOR, a related party. The successful completion of the tender offer strengthens TCI's strategic position within its affiliated real estate investment entities.
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