The board has appointed a special committee of independent trustees to evaluate the offer alongside other potential strategic paths. To navigate the process, the committee retained TD Securities as its financial adviser and Blake, Cassels & Graydon for legal counsel. Plaza management stressed that the proposal remains preliminary, with no guarantee that a definitive agreement will emerge from these discussions.
In section Market Quotes
Plaza Retail REIT weighs unsolicited $1.23 billion buyout bid
A 20.8% premium over the 90-day volume-weighted average price has triggered a formal review at Plaza Retail REIT. Axia Real Assets submitted an unsolicited, non-binding proposal on June 8 to take the Canadian real estate firm private, valuing the company at C$1.23 billion, including its existing debt load.
Axia’s bid of C$5.28 per unit arrives with backing from Morguard, which currently holds approximately 15.3% of the REIT’s outstanding units. The offer is reportedly fully financed and targets Plaza’s extensive portfolio of necessity-based retail properties, which are primarily located across Ontario, Quebec, and Atlantic Canada. Investors have been advised to take no action while the committee conducts its assessment.
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