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CB Real Estate is withdrawing its offer to take Whitestone REIT private after a months-long pursuit. The Baltimore-based investment management firm, led by David Bramble, had made two bids for the Houston-based retail investor: $14 per share in June and $15 per share in October. The deal was worth approximately $1.45 billion, including Whitestone's $667 million debt load.

    Bramble criticized the Whitestone board for its "intransigence" and "self-interest," claiming they based their valuation on an inflated stock price. He also accused them of relying on a period of stock price growth driven by acquisition rumors, including MCB's own proposal. The board never provided a specific number it would accept, Bramble said.

    In a letter to the board, Bramble called on newly appointed independent members Kristian Gathright and Donald Miller to act in the best interests of shareholders. Whitestone had previously rebuffed Erez Asset Management's attempts to gain control through proxy battles. The REIT owns 55 retail properties across four major US markets, with an average occupancy rate of 94.1 percent.

    The withdrawal of MCB's offer marks a significant setback for Bramble and his team, who manage $3 billion in assets. Whitestone's board had rejected the increased bid, citing it fell short of their expectations.