Shares of American Strategic Investment experienced a significant surge on Wednesday, rising by 22% to $7.57. This notable uptick comes in the wake of a tender offer from Bellevue Capital Partners, as reported by Chris Wack.
Bellevue Capital proposed to acquire up to 350,000 shares of American Strategic at $10.25 each. This offer represents a substantial 65% premium over the closing price on Tuesday. The tender offer is scheduled to lapse on October 26, unless it is extended or terminated prematurely.
This development is particularly noteworthy given that American Strategic's stock had been underperforming, reaching a yearly low of $6.15 on September 14. The stock has seen a decline of 47% for the year to date.
Bellevue Capital's tender offer underscores their sustained confidence in American Strategic's strategy and assets. The firm's move suggests that they see potential value in the company, which could be a contributing factor to the recent surge in American Strategic's share price.
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