Investor Blackwells Comes Out Against Sam Zell’s Acquisition of Monmouth

Even after sweetening the deal and beating out Barry Sternlicht, Sam Zell’s acquisition of industrial giant Monmouth Real Estate Investment Corporation faces another snag.

Monmouth investor Blackwells Capital — which unsuccessfully tried to buy Monmouth earlier this year — announced Tuesday night that it still opposes the takeover of Monmouth by Zell’s Equity Commonwealth, arguing that it “significantly undervalues” the real estate investment trust (REIT).