Paul Reichmann plans takeover bid for Retirement Residences REIT
Last Updated: Thursday, September 28, 2006 | 4:17 PM ET
CBC News
Units of Retirement Residences Real Estate Investment Trust shot up Thursday after a company controlled by Paul Reichmann said it intends to make a takeover bid.
Retirement Residences was up almost 19 per cent, rising $1.27 to $8.06 on the TSX.
Before the start of trading, Reichmann's company, PR Capital Corp., said it will be submitting a letter to the special committee of the board of trustees of Retirement Residences, signalling its plan to offer $8.60 per unit.
A company controlled by Paul Reichmann (in May 1986 photo) is looking to take over a company that provides accommodation and care for seniors.
(Canadian Press)
PR Capital and its affiliates currently own over 13.1 million units of the REIT, representing 14.1 per cent of the outstanding float, making it the biggest shareholder.
Reichmann's company said the making of the bid is subject to it obtaining access to the REIT's confidential data and Retirement Residences waiving its unit-holder rights plan.
Retirement Residences is the largest provider of accommodation and care for seniors in Canada. It owns 223 retirement and long-term care facilities, including 40 facilities in select United States markets, and provides management services to eight homes for other parties.
Reichmann is well-known as the former head of property developer Olympia & York, which grew to fame before it collapsed under overwhelming debt in the early 1990s.
with files from Canadian PressShare Tools
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