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H&R Real Estate Investment Trust Enters Definitive Agreement to Acquire Primaris Retail Real Estate Investment Trust for Premium Value to Hostile Bid

Wednesday, 16 Jan 2013 06:36pm EST 

H&R Real Estate Investment Trust and Primaris Retail Real Estate Investment Trust (Primaris) announced that they, together with PRR Investments Inc., have entered into an arrangement agreement whereby H&R will acquire 100% of the issued and outstanding units of Primaris. Unitholders of Primaris will be entitled to elect to receive 1.13 stapled units of H&R or $28.00 cash per unit, subject to a maximum cash amount of $700 million. The Boards of Trustees of Primaris and H&R have unanimously agreed to both vote their units in favour of the transaction and to recommend that unitholders vote in favour of the transaction. Under the terms of the Agreement, H&R will acquire all of the issued and outstanding units of Primaris for a combination of cash and H&R stapled units. For each Primaris unit held, Primaris unitholders may elect to receive either $28.00 in cash, subject to a maximum amount of $700 million, or 1.13 stapled units of H&R, substantially all of which would be received on a tax-deferred basis. If the maximum cash is elected, it will represent approximately 25% of the total consideration. Under the arrangement agreement, H&R is entitled to an effective $106.6 million break fee in certain circumstances, including the acceptance by Primaris of an unsolicited superior proposal from a third party. 

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