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Houston-based real estate investment trust, Whitestone REIT, is facing a takeover bid from its third-largest shareholder, MCB Real Estate, led by David Bramble. MCB has increased its offer to $15 per share, up from $14 in June, valuing the retail-focused REIT at over $750 million and the entire deal at approximately $1.45 billion when including Whitestone's debt load of $667 million.

    Whitestone operates shopping centers across Texas and Arizona, with a portfolio of 57 retail properties boasting a combined occupancy rate of 93.5 percent. MCB, which holds a 9.4% stake in the company, is seeking to expand its $3 billion real estate portfolio through this acquisition.

    MCB's managing partner and co-founder, David Bramble, expressed his commitment to completing the deal, stating that they are "ready to complete due diligence and execute a definitive agreement expeditiously." Whitestone has declined to comment on the proposal. The takeover bid follows recent rejection of acquisition offers from MCB and Fortress Investment Group.

    MCB's latest offer is accompanied by a website urging shareholders to support the deal. This move comes after Whitestone rejected a premium offer from Fortress in 2022, which led to a proxy battle with Erez Asset Management and concerns about the company's strategic direction.