H&R REIT, KingSett Up Primaris Takeover Bid With $2.8B Offer

Law360, New York (February 06, 2013, 4:45 PM ET) -- H&R Real Estate Investment Trust has banded together with a rival bidder, private equity real estate firm KingSett Capital, to beef up its takeover offer for Primaris Retail REIT, valued at CA$2.8 billion (US$2.81 billion) under the revised terms, the parties said Tuesday.

In the proposed transaction, Primaris investors would receive CA$27.98 per share, either in a cash payout or a cash-and-stock mix, a slight upgrade to an earlier CA$27.33-per-share offer lobbed last month. The purchase price is a 21 percent premium over Primaris' close on Dec....
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