KEYreit Board Recommends Unitholders REJECT the Unsolicited Huntingdon Partial Offer and Announces Special Meeting of Unitholders
“TORONTO, Feb. 15, 2013 /CNW/ – KEYreit (TSX: KRE.UN) announced today its board of trustees, on the recommendation of its special committee, unanimously recommends that unitholders REJECT the unsolicited partial offer by Huntingdon Capital Corp. If successful, the unsolicited partial offer would give Huntingdon effective control of KEYreit.
“The board strongly believes the unsolicited partial offer is wholly inadequate, coercive, highly opportunistic and does not represent fair value for your units,” said Donald Biback, Chairman of the board of trustees. “The partial offer fails to provide unitholders with an appropriate control premium for the units purchased, and provides no premium for units not purchased. It significantly undervalues KEYreit’s assets and businesses, which have a proven track record of creating value for unitholders. We urge unitholders to reject Huntingdon’s wholly inadequate partial offer.”
The board of trustees and management, representing 17% of KEYreit’s issued and outstanding units, have stated that they will not tender to Huntingdon’s coercive unsolicited partial offer.”
Courtesy Canada Newswire