O&Y bids to reclaim crown jewel

Article Abstract:

O and Y Properties Corp is seeking to reacquire First Canadian Place, Canada's landmark and tallest office tower. CEO Philip Reichmann made the $387 million bid to First Place Tower Inc, where his real estate company has a 30% equity stake. The deal covers $40 for the remaining units not yet owned by O and Y totaling $244 million and outstanding mortgage bonds for the office building at $143 million. First Canadian Place was built by Reismann's family-owned Olympia and York Developments Ltd. in 1972 and later lost it in 1992 after closing due to debt problems.

Acquisitions & mergers, Real Estate, Real Estate and Rental and Leasing, Real Estate Management, Activities Related to Real Estate, First Place Tower Inc.

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Caisse sweetens bid for Cambridge

Article Abstract:

The Quebec pension fund Caisse de depot et placement du Quebec has raised its offer for Cambridge Shopping Centres Ltd from C$12.50 a share to C$13.25 a share. The pension fund, Cambridge's biggest shareholder, made its improved offer as Cambridge's poison pill nears expiration on Feb 15, 1999. Cambridge embraced the poison pill defense in Dec 1998 to allow other parties to submit competing bids.

Land Subdivision and Land Development, Shopping Center Developers, Cambridge Shopping Centres Ltd.

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