(November 2 – 16:45 ET) –
Summit Real Estate Investment
Trust is pleased to announce
that it has taken up the
additional 5,267,032 units of
Avista REIT which were
tendered to the offer.
Summit has taken up all Avista
Units deposited under the offer.
In accordance with orders received
by Summit from certain securities
regulatory authorities, payment
for such Avista units will be made
within three business days. The
maximum cash consideration of
$83 million will be pro rated
among all the Avista Unitholders
who tendered their Avista Units
to the offer and elected the
cash option.
Avista Unitholders who did not
tender their Avista units to the
offer will receive, on a
tax-deferred “rollover” basis,
0.80 units of Summit for each unit
of Avista held on the closing
of the merger of Summit and Avista
that was approved by Avista
unitholders at a special meeting
of the Avista Unitholders held on
October 20, 1999.
The merger is currently
anticipated to close by the middle
of November.
-IE Staff
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