RealFund trustees spurn RioCan takeover bid
Article Abstract:
RealFund trustees have spurned the $374-mil takeover bid of rival RioCan Real Estate Investment Trust because it was inadequate and unfair to its unitholders. According to the circular issued by RealFund trustees, the deal was rejected because it would reduce RealFund's 1998 distributable income by 8 cents a unit and that it would need to spend at least $20-mil in the transaction. In addition, the non-cash offer was rejected because it will pose a high financial risk to its unitholders.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Three Avista trustees back Summit bid
Article Abstract:
Summmit Real Estate Investment Trust's bid to acquire Avista has received the support of three Avista trustees. Avista's biggest shareholder, Canada Life Assurance Co, is also backup up the Summit bid, which includes a combination of cash and units. The remaining four trustees are supporting a rival bid from Canadian Real Estate Investment trust which involves only a swap of units. Avista is a small REIT with a C$360-million portfolio of retail, office and industrial properties.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Comment about this article or add new information about this topic:
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