(September 23) – Summit REIT and CREIT have accepted Avista’s proposal to consider bids from both firms.


CREIT mailed its takeover offer to Avista unitholders on Sept. 15. Under the terms of CREIT’s offer, it will purchase all of the units of Avista and merge the two REITs. Avista unitholders would be able to exchange each Avista unit they hold for 0.76 units of CREIT.


Summit has not yet formally presented an offer to Avista shareholders.


Avista’s management is supporting the CREIT bid. Its shareholders will get the chance to decide for themselves at a meeting scheduled for October 20.

-IE Staff

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