Canmarc REIT Deflects Cominar Purchase Offer

Law360, New York (November 28, 2011, 7:41 PM EST) -- Canadian real estate investment trust Canmarc on Monday rebuffed an offer by rival Canadian REIT Cominar to buy its outstanding shares for a 15 percent premium over its Friday closing price, blasting the 48-hour deadline Cominar attached to the deal.

Cominar said it would pay CA$15.30 (US$14.75) per Canmarc unit that it doesn't already own, a premium of 15.2 percent over the Nov. 25 price. Canmarc unitholders would also be able to exchange each of their units for about 0.71 Cominar units.

Canmarc, however, declined the...
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