March 26 Huntingdon Capital Corp said it increased its offer for all of KEYreit's units to match Plazacorp Retail Properties' C$119 million ($117.05 million) bid for the company.
Plazacorp on Monday made a cash and unit offer worth C$8 per KEYreit unit that it said had the backing of Keyreit's board of directors.
KEYreit, which owns small retail properties in Canada, has been trying to fend off Huntingdon's unsolicited approach for the last two months.
Huntingdon said on Tuesday in a statement it was now offering either C$8 in cash, or C$6 in cash and 0.16 of a Huntingdon common share, valuing KEYreit at about C$119 million. It had earlier offered C$7 per unit of KEYreit.
This is the second takeover battle in two months involving Canadian real estate investment trusts.
A battle for Primaris Retail REIT was recently resolved after H&R Real Estate Investment Trust and a consortium led by KingSett Capital agreed to jointly bid for the shopping center owner and carve up its assets.