Plazacorp Retail Properties Ltd raised its offer for KEYreit to about C$124 million ($122 million) as it looks to top Huntingdon Capital Corp's unsolicited bid. Plazacorp increased its offer by 35 Canadian cents to C$8.35 per unit, topping Huntingdon's offer of C$8 per unit for the entire company.The increased cash-and-stock offer, which values KEYreit at C$325 million including debt, represents a premium of 3 percent to the stock's closing price on Wednesday.KEYreit shares were up 1 percent at C$8.16 in afternoon trading on the Toronto Stock Exchange on Thursday.KEYreit recommended unitholders accept Plazacorp's raised offer and advised them not to tender to Huntingdon's bid.
Plazacorp Retail Properties Ltd. (Plazacorp) acquires, develops and redevelops unenclosed and enclosed retail real estate throughout Atlantic Canada, Quebec and Ontario. Shares of PLZ fell by 2.86% or $-0.14/share to $4.75. In the past year, the shares have traded as low as $4.40 and as high as $5.25. On average, 31429 shares of PLZ.V exchange hands on a given day and today's volume is recorded at 194000.
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