Cominar REIT Offers To Buy Rival Canmarc

Canada’s Cominar Real Estate Investment Trust made a hostile bid to acquire Canmarc Real Estate Investment Trust, which turned it down Monday.

Canada’s Cominar Real Estate Investment Trust (Cominar Reit) made a hostile bid to acquire Canmarc Real Estate Investment Trust, which turned it down Monday, Reuters reports. Cominar offered to pay $14.8 per share in cash, valuing its rival Canmarc at $800.4 million.

The office and retail properties of Canmarc could boost Cominar’s asset base by 42 percent and position it for further growth. Canmarc rejected the offer citing lack of enough time to examine the offer closely. Cominar had sought a response in 48 hours.

Click here for the story from Reuters.