Highwoods Properties Rejects Offer

Highwoods Properties(HIW Quote), a real estate investment trust, confirmed Thursday that its board rejected an unsolicited acquisition proposal from Capital Partners. Shares closed the day at a new 52-week high.

The Raleigh, N.C.-based REIT said that it wanted to remain independent.

"Our board of directors strongly believes that our strategic management plan is the right course of action for the company, " the company said. "We believe that remaining independent and continuing to execute our well-defined plan will provide our shareholders with more significant and sustainable long-term value. Given our board's confidence in the strategic management plan, we are not in discussions and have no intention of entering into discussions with Capital Partners."

The company's stock closed Thursday up $1.92, or 5.8%, at $34.96.