UPDATE 1-Cominar extends C$838 mln offer for Canmarc

Thu Jan 12, 2012 6:30pm EST

Jan 12 (Reuters) - Cominar REIT said it extended its offer to buy out rival Canmarc Real Estate Investment Trust to accommodate a hearing where it will seek to block Canmarc's unitholder rights plans.

In November, Cominar offered to buy Canmarc -- which owns and operates retail and office properties across Canada -- for C$838 million ($821.09 million), which Canmarc had called too low.

The offer will be open for acceptance until Jan. 27, Cominar said in a statement, adding it will look to have the unitholder rights plan ceased at the hearing before the Bureau de décision et de révision en valeurs mobilières on Jan. 19.

"The unitholder rights plans of Canmarc are preventing Canmarc unitholders from accessing the offer," Cominar said.

Cominar had earlier set Jan. 12 as the deadline for the offer.

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