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KEYreit's Board Unanimously Confirms Recommendation To Reject Huntingdon Capital Corp's Inadequate Take-over Bid


Friday, 8 Mar 2013 10:06pm EST 

KEYreit announced that its board of trustees (the Board) unanimously confirmed its recommendation that unitholders REJECT a revised offer dated March 7, 2013 (the Revised Offer) from Huntingdon Capital Corp. (Huntingdon) at an unchanged and inadequate price of $7.00 per unit. The special committee of the Board (Special Committee) has undertaken a full review of Huntingdon's formal Revised Offer as set out in the Notice of Variation and Extension dated March 7, 2013. Following the full review, the Special Committee recommended to the Board that unitholders reject the Revised Offer. The Board unanimously agreed. The following is a summary of the reasons for the rejection recommendation of the Special Committee and the Board. the Revised Offer remains financially inadequate: the Special Committee and its advisors are undertaking an active and robust process to identify strategic alternatives with the objective of maximizing value for unitholders; the Revised Offer significantly undervalues KEYreit and fails to adequately compensate unitholders for KEYreit's assets and growth opportunities; KEYreit has successfully stabilized its property portfolio. 

Company Quote

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23 Oct 2014