RE:RE:RE:RE:Good NewsAhh.... apparently only 32.5% of units held by other than A&W Food Services will be purchased.
There's the likely reason for the differential in price.
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Unitholder Offer Details
Under the terms of the Transaction, unitholders of the Fund (other than A&W Food Services and its affiliates) can elect to receive in exchange for each Fund unit: $37.00 in cash – representing a premium of 30% to the Fund's closing trading price on the TSX on July 19, 2024; or one common share in A&W Food Services NewCo. The elections of Fund unitholders to receive cash or share consideration will be subject to proration in the event that unitholders elect, in the aggregate, to receive more or less than $175.6 million in cash consideration, such that in all cases, a total of 4,746,582 units will be purchased for cash at $37.00 per unit, representing approximately 32.5% of the outstanding units (other than units held by A&W Food Services) as of July 19, 2024. Following closing of the Transaction, A&W Food Services NewCo will have approximately 24.0 million shares outstanding.