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Plazacorp raises offer for KEYreit to $8.35 per unit, topping Huntingdon bid
TORONTO – KEYreit (TSX:KRE.UN) says Plazacorp Retail Properties Ltd. (TSXV:PLZ) has raised its friendly takeover offer for the real estate trust to top a rival bid from Huntingdon Capital Corp. (TSX:HNT).
Plazacorp has offered $8.35 per unit in stock and cash for KEYreit, up from an earlier proposal of $8 per unit.
Like Plazacorp’s earlier proposal, the amount of cash is limited to about half the $124-million offer for the KEYreit units, while the remainder would be paid in shares of the Fredericton-headquartered property company.
Including KEYreit debt to be assumed under the deal, Plazacorp’s offer is worth $325 million.
Huntingdon raised its offer for KEYreit to $8 per unit in cash and stock, however its offer did not put a limit on the amount of cash available. Huntingdon already owns 5.5 per cent of KEYreit’s outstanding units.
KEYreit units sold for $8.06 before trading was halted on the Toronto Stock Exchange pending the announcement.
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