Orion Properties receives revised $2.75 per share buyout offer from Kawa

Orion Properties Inc. (NYSE: ONL) confirmed receipt of a revised unsolicited, non-binding indication of interest from Kawa Capital Management Inc. to acquire all outstanding shares not already owned by Kawa for $2.75 per share in cash.

The revised offer represents an increase from Kawa's previous proposal of $2.50 per share submitted on June 20, 2025, which Orion's Board of Directors rejected on July 9, 2025.

Orion's Board of Directors will review and evaluate the revised indication of interest in consultation with independent legal and financial advisors to determine the course of action it believes serves the best interests of the company and all shareholders, according to the press release.

The Phoenix-based real estate investment trust stated it does not intend to comment further on the revised offer until the board completes its review. Shareholders do not need to take any action at this time.

Wells Fargo is serving as financial advisor and Hunton Andrews Kurth LLP is acting as legal advisor to Orion.

Orion Properties is an internally-managed REIT that owns, acquires and manages a diversified portfolio of office properties in suburban markets across the United States. The properties are leased primarily on a single-tenant net lease basis to creditworthy tenants. The company was spun off from Realty Income (NYSE: O) in November 2021 and began trading on the New York Stock Exchange on November 15, 2021.

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