Cedar said the offer, which it said it believed was encouraged by activist hedge fund Snow Park Capital, was “unrealistic” and cited Wheeler’s poor returns and performance for rejecting it.
Wheeler has a market cap of $88.8 million and Cedar’s is $553.4 million, according to Reuters calculations.
Cedar said the sizes of the two companies were “incompatible”.
Last month, Snow Park Capital sent a letter to Cedar urging the company to explore options, including a potential sale.
(Corrects reference to Snow Park backing offer in second paragraph)
Reporting by Sanjana Shivdas; Editing by Martina D’Couto
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