KBS REIT III Maintains Neutral Stance on West 4 Capital’s Mini-Tender Offer
The offer seeks to acquire a small percentage of outstanding shares, prompting a cautious company response.
May 09, 2025
KBS REIT III Responds Without Endorsement to Mini-Tender Offer from West 4 Capital
KBS Real Estate Investment Trust III is keeping a neutral stance on a recent offer from West 4 Capital LP, which is looking to acquire up to 2,295,000 shares—around 1.55% of the company’s outstanding common stock. Instead of recommending for or against the offer, KBS is giving shareholders the information they need and leaving the decision up to them.
The offer is a type known as a mini-tender. These offers typically aim to buy less than 5% of a company’s shares, which allows the bidder to avoid many of the regulatory disclosures that larger tenders require. They can move quickly and often appear with little advance notice. In this case, West 4 Capital’s bid triggered a response from KBS, which filed an 8-K with the SEC on May 8, 2025, to reflect the situation as of May 6.
The filing doesn’t recommend a specific action. Instead, it attaches a detailed response from KBS so shareholders can assess the terms for themselves. That response is included as Exhibit 99.1 in the report.
For KBS, it’s a move that signals transparency and keeps investors in the loop. There’s no indication that the shares are publicly traded on any exchange, and the company confirms it’s not relying on provisions that apply to emerging growth companies. That means stakeholders can expect standard reporting and governance practices, without transitional exemptions.
The company also made it clear that it hasn’t used pre-commencement communication channels. All information is being shared directly through official filings.
Mini-tender offers can add complexity to investment decisions. KBS isn’t steering shareholders one way or the other—but by making its response available in full, it’s giving investors the opportunity to act based on facts, not speculation.
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