OTCPK:CMLEF - Post by User
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Betteryear2on Oct 25, 2021 8:12am
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Post# 34043837
to Acquire Cominar for $5.7B, $11.75 Per Unit
to Acquire Cominar for $5.7B, $11.75 Per Unit - Transaction provides compelling value and immediate liquidity to unitholders following an extensive and rigorous Strategic Review Process
- Offer represents 16.3% premium to Cominar's 20-day volume-weighted average price per unit on the TSX and 63.2% premium to the closing unit price on September 15, 2020, the last trading day prior to the announcement of the Strategic Review Process
- Acquisition led by Montreal-based Canderel will significantly benefit key stakeholders of Cominar, unlocking new opportunities for growth and development in communities where the REIT operates
- Montreal-based Mach to acquire approximately $1.5 billion of retail and office properties as part of the Transaction
- Transaction has unanimous support of both the Board of Trustees of Cominar and the Special Committee of the Board, comprised of independent Trustees
- Management Information Circular – including full details regarding the background to transaction and voting recommendations for unitholders – to be issued in due course, ahead of special meeting of Cominar unitholders scheduled for December 21, 2021
- Transaction expected to be completed in the first quarter of 2022
QUBEC CITY, Oct. 24, 2021 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) today announced that it has entered into an arrangement agreement (the "Arrangement Agreement") to be acquired by Iris Acquisition II LP (the "Purchaser"), an entity created by a consortium led by Canderel Real Estate Property Inc. ("Canderel"), a leading Qubec real estate owner and operator, and including FrontFour Capital Group LLC ("FrontFour"), Artis Real Estate Investment Trust ("Artis"), and partnerships managed by the Sandpiper Group ("Sandpiper") (the "Transaction"). In addition, Koch Real Estate Investments, LLC ("KREI"), and Artis are providing preferred equity for the Transaction. The Transaction is to be carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the "Plan of Arrangement"). In connection with the Transaction, Group Mach Acquisition Inc. ("Mach") will acquire approximately $1.5 billion of retail and office properties as part of the Plan of Arrangement.