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Plazacorp Retail Properties Ltd Completes Acquisition Of Remaining KEYreit Units

Wednesday, 26 Jun 2013 11:58am EDT 

Plazacorp Retail Properties Ltd announced that is has acquired the remaining 1,720,922 units (Units) of KEYreit not deposited under its previously announced offer dated April 10, 2013 (the Offer) to purchase all of the Units for, at the election of each unitholder of KEYreit, either CAD8.35 in cash or 1.7041 of a Plazacorp Share, subject, in each case, to pro ration. Plazacorp acquired the remaining Units pursuant to the Plazacorp acquisition right under KEYreit's amended and restated Declaration of Trust. Following completion of this subsequent acquisition transaction, Plazacorp now owns 15,009,292 Units, representing 100% of the issued and outstanding Units. Upon delivery of an acquisition notice, all outstanding Units were deemed to have been sold to Plazacorp, for the same consideration and on the same terms as the Units acquired by Plazacorp under the Offer. Accordingly, KEYreit unitholders who elected the cash alternative will receive CAD6.51, representing 78% of the total cash amount elected, plus 0.375 of a Plazacorp Share for each Unit tendered. KEYreit unitholders who elected the share alternative will receive 1.7041 of a Plazacorp Share, representing 100% of the total number of Plazacorp Shares elected, subject in each case to adjustment for fractional shares. Accordingly, Plazacorp will issue approximately 1,478,362 Plazacorp Shares in respect of the subsequent acquisition transaction. 

Company Quote

0.01 +0.13%
28 Jun 2013