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Investing.com -- Hedge fund Emmett Investment Management is preparing for a potential board room battle at Whitestone REIT (NYSE:WSR) and may nominate directors to the shopping center operator’s six-person board, according to a report from Reuters.
The New York-based investment firm, led by Alexander Rohr, has been a long-term investor in the Houston-headquartered real estate investment trust and has expressed concerns about Whitestone’s capital allocation decisions and governance practices.
Emmett owned 2.2% of Whitestone at the end of the second quarter, positioning it as the company’s sixth largest investor.
For Whitestone, which has a market value of approximately $633 million, a confrontation with Emmett would mark its second proxy battle in two years. Shortly after defeating last year’s board challenge, Whitestone management rejected a $15 per share acquisition offer from MCB Real Estate.
Since that time, Whitestone’s share price has declined by more than 14% to around $12.40 as of Wednesday’s close.
Emmett has privately indicated that Whitestone faces a bleak future without substantial changes, according to people familiar with the matter.
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