FUR Investors LLC, Jericho, N.Y., has announced preliminary results of its offer to buy up to 5 million common shares of First Union Real Estate Equity and Mortgage Investments from the real estate investment trust for $2.30 per share.A count by National City Bank, the depositary for the offer, indicates that approximately 15.77 million shares were tendered as of the offer's expiration at midnight Dec. 29, FUR Investors reported. After the number has been verified, the depositary will issue payment for the shares validly tendered and accepted for payment and will return other tendered shares over the expected total purchase of 5 million shares, FUR Investors said.
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