Canmarc Urges Rejection Of Cominar's $811M Offer

Law360, New York (December 13, 2011, 5:01 PM EST) -- Canadian real estate investment trust Cominar's CA$837 million ($811 million) hostile takeover offer for smaller rival REIT Canmarc is too low, Montreal-based Canmarc said Tuesday, urging its investors not to take the deal.

Canmarc's board said a committee it established to consider the offer of CA$15.30 per unit concluded Dec. 12 that the offer is inadequate, Canmarc said.

"Canmarc's high-quality assets and track record for growth are worth much more,” special committee and board chairwoman Karen Prentice said.

The Dec. 2 hostile offer represents only a...
To view the full article, register now.