The SEC Division of Corporate Finance and Office of Mergers and Acquisitions granted no-action relief to a Maryland-based real estate investment trust (the "REIT") from Securities Exchange Act Rule 13e-4 ("Tender Offers by Issuers"). The no-action relief allows the REIT to buy its shares back from its shareholders (the "Repurchase Program").
The SEC stated that it granted the exemption because, among other reasons, (i) the details of the Repurchase Program will be disclosed in the REIT's public filings, (ii) no established trading market currently exists for the shares, and (iii) the Repurchase Program is meant to stay open indefinitely.
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