Orion Properties Rejects Kawa Capital $2.75 Share Bid

Orion Properties' board of directors has unanimously rejected a revised cash acquisition offer of $2.75 per share from Kawa Capital Management, concluding that the bid significantly undervalues the company and is not in the best interests of its shareholders. This follows an earlier rejection of Kawa's initial $2.50 per share proposal. Orion's board, advised by Wells Fargo and Hunton Andrews Kurth LLP, emphasized their openness to considering offers that fairly reflect the company’s value and potential for enhancing shareholder value. Non-Executive Chairman Reginald Gilyard reaffirmed the board's commitment to pursuing opportunities that accurately represent Orion’s worth and future prospects. Despite the rejection, Orion remains focused on exploring proposals that could benefit its stockholders. The company operates as a real estate investment trust managing a diverse portfolio of office properties across the U.S., primarily leasing to creditworthy tenants on a single-tenant net lease basis.