Caisse launches bid for control of Cambridge

Article Abstract:

Caisse de depot et placement du Quebec, a Quebec-based pension fund, has began a takeover attempt of Cambridge Shopping Centres Ltd. The caisse, which already has a 35%-stake at Cambridge, has offered to pay C$12.50 for every share of 15 million of the company's 63 million outstanding shares, a deal worth C$185.5 million. Caisse, which tendered its offer following Loblow Cos. Ltd.'s announcement of its C$1.6-billion deal for the acquisition of Provigo, where the caisse is the biggest investor, will own 53% of Cambridge if it acquires all 15 million shares.

Comment:

Has began a takeover attempt of Cambridge Shopping Centres Ltd

Pension Funds & Benefit Plans, Pension Funds, Quebec, Caisse de Depot et Placement du Quebec, Article

---

CREIT enters fray for Avista with rival bid

Article Abstract:

Canadian Real Estate Investment Trust (CREIT) and Avista have submitted a merger proposal that will create Canada's second-biggest real estate investment trust with over C$1 billion in assets and about C$600,000 in market capitalization. However, the union proposal, which comes in the middle of a hostile takeover bid by Summit REIT, has failed to receive the endorsement of Canada Life Assurance Co. Canada Life, the holder of a 16%- stake in Avista, has earlier supported the offer by Summit.

Canada, Real Estate Investment Trusts, Real Estate Invest Trusts, Canada Real Estate Investment Trust

---

TrizecHahn buys tower in Manhattan

Article Abstract:

TrizecHahn Corp acquired the 2.4-mil-sq-ft One New York Plaza located in the financial district of Manhattan, NY, for $390 mil. The purchase is part of the Toronto, Canada-based company's effort to spend C$2.3 bil on US real estate by Jun 1999 to avoid paying large capital gains taxes relating to the C$500 mil profit that the company made in 1998 on the sale of 20 shopping malls in the US.

Real Estate, Real Estate and Rental and Leasing, New York, TrizecHahn Corp.

Similar abstracts:

• Abstracts: BDC plans bigger role if banks merge. Rubbery bends retail boundaries. Kinko's aims to be more than copycat
• Abstracts: Smithfield wins battle for Schneider. Takeover battle for Schneider still in doubt
• Abstracts: Telesat satellite launch stalled for more testing. CryptoLogic applies for Nasdaq listing. Atlantic phone firms talk merger
• Abstracts: Torstar bid for Sun heats up newspaper war. Torstar winds up year with red ink on bottom line
• Abstracts: Time Warner sued over 'free-lancers.' Firms tap employees for cost-saving suggestions. 'U.S. News' replacing editor

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.