Primaris REIT Says $4.4B KingSett Buyout Bid Falls Short

Law360, New York (December 12, 2012, 5:31 PM EST) -- Primaris Real Estate Investment Trust’s board on Wednesday blasted last week's CA$4.4 billion (US$4.43 billion) takeover bid by a consortium led by Canadian private equity group KingSett Capital Inc., saying an initial review of the terms showed the group undershot the REIT’s potential.

The would-be buyers, including the Ontario Pension Board, also handcuffed the Primaris board by lobbing the offer at the outset of the holiday season, straining the Canadian REIT to meet a 38-day deadline to conduct a timely review and make an informed decision,...
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