MCB Withdraws Proposal to Acquire Whitestone Due to Whitestone Board's Entrenchment and Refusal to Engage

Core Viewpoint - MCB Real Estate has withdrawn its acquisition proposal for Whitestone REIT, citing the Board's refusal to engage in meaningful discussions and conduct a strategic review process to maximize shareholder value [1][3][10] Summary by Relevant Sections Acquisition Proposal - MCB proposed to acquire Whitestone for $15 per share in an all-cash transaction, representing a 14.5% premium to the share price before the initial proposal and a 61.8% premium to the unaffected share price prior to a rumored proposal [2][3] Board Engagement - MCB has made multiple attempts to engage with the Whitestone Board, all of which were rebuffed, indicating a culture of entrenchment within the Board [2][4][7] Shareholder Sentiment - Other shareholders have expressed support for a potential transaction and share frustrations with the Board's lack of engagement [7][10] Board Composition - MCB notes the addition of new independent trustees, Kristian M. Gathright and Donald A. Miller, to the Whitestone Board, hoping they will bring a fresh perspective and uphold fiduciary duties [8][9] Future Actions - MCB remains a significant shareholder and will consider all options to ensure the Board fulfills its responsibilities to maximize shareholder value [11]