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Gazit-Globe reaffirms offer for Atrium European Real Estate

Gazit-Globe Ltd. said its €3.75-per-share cash buyout offer for Atrium European Real Estate Ltd. is final and it does not plan to increase the offer price.

The Israel-based company reaffirmed its commitment after Atrium's second-largest shareholder, Letko Brosseau & Associates Inc., said the proposed transaction is "unacceptable" to minority shareholders and that it will vote against it. Letko argued, among other things, that the offer price "heavily" undervalues Atrium and unduly benefits Gazit at the expense of its minority shareholders.

In September, an independent committee of Atrium's board supported the Gazit offer in absence of a superior bid.

The transaction is still subject to conditions including the approvals of Atrium shareholders and sanction by the Royal Court of Jersey.