PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST $27.02 (Toronto symbol PMZ.UN; Units outstanding: 97.8 million; Market cap: $2.6 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.primarisreit.com) has received a friendly $28-a-share takeover bid.
The offer is from H&R REAL ESTATE INVESTMENT TRUST $23.73 (Toronto symbol HR.UN; Units outstanding: 194.2 million; Market cap: $4.6 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.7%; www.hr-reit.com).
The H&R bids tops the $26-a-share in-cash hostile takeover bid from a consortium led by Canadian private equity firm Kingsett Capital. This group includes RioCan REIT $26.67.
Under H&R’s offer, Primaris unitholders can choose to receive 1.13 units of H&R or $28.00 cash per unit, subject to a maximum cash amount of $700 million.
Primaris units are trading just above the offer price, based on the current trading price of H&R’s units, but below the offer if the cash portion is factored in. So it’s unlikely that another bid will emerge.
We see Primaris as a hold for now, to see how the offers unfold. You can then tender your units to get the full value of the winning bid without paying brokerage commissions. H&R REIT is still a buy.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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