KBS REIT III board recommends rejecting CMG mini-tender offer at $5.05/share, citing $10.78 NAV

KBS Real Estate Investment Trust III, Inc.

Board unanimously recommends stockholders reject CMG mini-tender offer for up to 450,000 shares at $5.05/share.
Offer price is a 53% discount to the Nov 1, 2021 estimated NAV of $10.78 per share.
Share redemption program closed for ordinary redemptions; special redemptions (death, disability) still available at estimated value.
CMG admitted it did not obtain independent appraisal of shares or properties and is not qualified to appraise real estate.
Stockholders who tendered already can rescind by Sep 21, 2022.

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