MISSISSAUGA, ON, Aug. 12 /PRNewswire-FirstCall/ - Morguard Corporation
(MRC: TSX) ("Morguard") today announced that it has further extended its
offer to acquire all of the outstanding common shares of Revenue Properties
Company Limited (RPC: TSX) ("RPCL") that it does not already own, pursuant
to its takeover bid dated June 10, 2008, as previously extended by notice
of extension.
Morguard announced that as at 6:00 p.m. (Toronto time) on August 12,
2008 an additional 14,868 common shares of RPCL were validly deposited to
Morguard's offer to acquire all of the outstanding common shares of RPCL
not already owned by Morguard or its affiliates for, at the election of
each holder, 0.33 of a Morguard common share or Cdn.$12.00 (the "Offer").
Morguard has taken up all such common shares deposited to the Offer
during such period and payment will be made on or before August 15, 2008 to
RPCL shareholders who have validly deposited their common shares under the
Offer. Combined with the common shares of RPCL previously taken up by
Morguard, Morguard and its affiliates now own, directly or indirectly,
8,864,655 common shares of RPCL or approximately 81.87% of the outstanding
common shares of RPCL.
Morguard also announced today that it has further extended the expiry
time for the Offer to 6:00 p.m. (Toronto time) on August 27, 2008. All
other terms of the Offer dated June 10, 2008, as extended are unchanged.
Morguard expects to mail a formal notice of extension to RPCL shareholders
shortly.
With the common shares of RPCL that Morguard has now acquired under the
Offer and the common shares of RPCL to be deposited under the extension of
the Offer, Morguard fully expects to have a sufficient number of RPCL
common shares to be able to proceed with a subsequent acquisition
transaction through which it would acquire all of the remaining outstanding
RPCL common shares, and Morguard intends to take the appropriate steps to
proceed with a meeting of shareholders to approve a subsequent acquisition
transaction as soon as possible after the expiry of the Offer and in any
event, within 120 days after the expiry date.
Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings through its investments in Morguard REIT and Revenue
Properties Company Limited. Morguard provides management services to
institutional and other investors for commercial and residential real
estate through Morguard Investments Limited and Morguard Residential.
Legal Notice
Shareholders are advised to review the notice of extension and any
other relevant documents filed with securities regulatory authorities by
Morguard because they will contain important information, including full
details of the Offer, as extended, and its terms and conditions.
|
