Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

RE:Cominar takeover is a good lesson for MRT shareholders

[Mrguillaume]

The offer price for Cominar is a shocker – a low ball and likely to be rejected IMO. The largest shareholder with a 10% holding is not affiliated with the buying group and I suspect will want more. At $11.75 per unit this is asking for a 20% discount to NAV of $14.50.

But assuming the deal goes through this would give MRT a FMV of about $12.60 per unit – (80% of $15.80 NAV at June 30, 2021).