Less than three weeks after its offer to buy Peekskill (N.Y) Financial Corp. was rejected, BRT Realty Trust is trying to unload the more than 9% it already owns.
BRT, a Great Neck, N.Y., real estate investment trust, said in a filing Tuesday with the Securities and Exchange Commission that it has offered to sell its 264,000 shares back to Peekskill.
Peekskill announced a repurchase plan in December, offering to buy back up to 800,000 of its shares-at up to $16.75 per share-in a modified dutch auction.
BRT, which owns a 9.29% stake, tendered its shares the day before Peekskill's offer expired. It did so, according to the SEC filing, because "the relative illiquidity of Peekskill's shares will only be exacerbated" by the stock buyback.
Simeon Brinberg, senior vice president at BRT, said it would be several days before he knows how much of its stock Peekskill will purchase. "They could accept it all or nothing," he said.
Mr. Brinberg said the REIT is still pursuing its $49 million bid for Peekskill, the $200 million-asset parent of First Federal Savings Bank of Peekskill.