LGY Acquisition LP Acquires 94.5% of Legacy Hotels REIT
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LGY Acquisition LP Acquires 94.5% of Legacy Hotels REIT
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2007-09-14
LGY Acquisition LP (the "Offeror") and Legacy Hotels Real Estate Investment Trust ("Legacy REIT") (TSX:LGY.UN) announced today that approximately 118.1 million trust units of Legacy REIT have been validly deposited to the Offeror's previously announced offer to acquire all Legacy REIT trust units not already owned by the Offeror for $12.60 cash per trust unit (the "Offer"). At the expiry time of the Offer, all conditions of the Offer had been satisfied or waived by the Offeror. The Offeror has agreed to take up and accept for payment all trust units deposited, which represent approximately 94.5% of the issued and outstanding trust units, before markets open on September 17, 2007 and expects to pay for all such units on September 18, 2007. The Offer expired at 8:00 p.m. (Toronto time) on September 13, 2007. The take-up of the trust units by the Offeror on September 17, 2007 will allow all depositing unitholders to receive the benefit of the pro rata distribution of $0.06882 per trust unit declared by Legacy REIT to holders of record as of September 14, 2007. As announced by Legacy REIT on September 5, 2007, that pro rata distribution will be paid on or about September 18, 2007.
Once the Offeror acquires the deposited units on September 18, 2007, it will own sufficient trust units to effect an amendment to the Declaration of Trust of Legacy REIT, as described in the Offer, which would permit it to cause Legacy REIT to redeem the trust units held by non-tendering Unitholders of Legacy REIT immediately on giving the appropriate redemption notice to such non-tendering Unitholders. The Offeror intends to effect such amendments, cause Legacy REIT to deliver the appropriate redemption notice and pay for such trust units on September 18, 2007.
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