InStorage REIT would accept takeover by Canadian Storage but only at higher offer
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Hey there, time traveller!
This article was published 27/11/2008 (6248 days ago), so information in it may no longer be current.
TORONTO – Warehouse operator InStorage REIT (TSX:IS.UN) says it’s still open to being taken over by Canadian Storage Partners ULC, but only at a price of $4 per unit – about $98 million – or more.
The Toronto-based company said Thursday it is still in negotiations with Canadian Storage Partners, a unit of TKG-StorageMart, after that company withdrew an earlier bid of $3.75 per unit – which InStorage had earlier rejected as too low.
“InStorage is willing to recommend an offer to its unitholders with a purchase price of $4 per unit or more,” the company said in a release.
“InStorage is also prepared to enter into a support agreement in connection with such an offer provided the conditions to completion are reasonable and the agreement is otherwise fair to InStorage.”
InStorage said it believes “there is a realistic prospect this will be achieved within the next short while.”
InStorage, Canada’s largest operator of self-storage warehouses, owns 52 properties in Alberta, Saskatchewan, Ontario and Quebec.