RioCan, RealFund REITs win approval for merger

Article Abstract:

Unitholders of Canadian real estate investment trust RealFund voted to accept the merger offer made by RioCan Real Estate Investment Trust. RioCan offered 1.45 of its units for each RealFund unit. RioCan had first offered 1.35 units for every RealFund unit. RealFund unitholders accepted the offer because the higher offer is nearer to their net asset value. RealFund CEO Christopher Dingle said RioCan's offer was accepted a refusal would have eroded their unit prices and expose them to a hostile bid at lower prices.

Real estate investment trusts, RioCan Real Estate Investment Trust

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RioCan bids for rival RealFund

Article Abstract:

RioCan Real Estate Investment Trust, Canada's biggest real estate investment trust (REIT), launched an unsolicited C$370-million takeover bid against RealFund, Canada's oldest and fifth-biggest REIT. Under its non-cash offer, RioCan will buy each RealFund unit in exchange for 1.35 of its units. If a deal goes through, the merged firm with C$2 billion in assets and over 125 community shopping centers across Canada would be created.

Asset sales & divestitures, RealFund

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