- Orion Properties Inc. (ONL, Financial) rejects a $2.50 per share acquisition proposal from Kawa Capital Management.
- The board concluded the offer significantly undervalues the company and isn't in the best interest of shareholders.
- Wells Fargo and Hunton Andrews Kurth LLP are advising Orion on financial and legal matters, respectively.
Orion Properties Inc. (ONL), a real estate investment trust based in Phoenix, Arizona, has announced that its Board of Directors has unanimously rejected an unsolicited proposal from Kawa Capital Management. The proposal, submitted on June 20, 2025, aimed to acquire all outstanding shares of Orion for $2.50 per share in cash.
The board's decision followed a thorough review process in consultation with independent financial and legal advisors. Reginald H. Gilyard, Non-Executive Chairman and Independent Director of Orion, stated, “After careful consideration, the Orion Board of Directors determined that Kawa Capital’s proposed transaction significantly undervalues the Company and is not in the best interests of Orion stockholders." He added that the board remains open to evaluating opportunities that enhance shareholder value, provided they appropriately value the company and its future prospects.
Orion Properties, which spun off from Realty Income (O) in November 2021, holds a diversified portfolio of office properties across the United States, leased primarily on a single-tenant net lease basis to creditworthy tenants. As of now, Wells Fargo is acting as the financial advisor, and Hunton Andrews Kurth LLP is the legal advisor for Orion.
For more information about Orion Properties and its portfolio, interested parties can visit the company’s official website at onlreit.com.
