Gendis Inc. CEO James Cohen's plan to privatize the Canadian industrial and commercial landlord is moving forward after shareholders tendered more than the requisite number of shares in his C$5.25-per-share bid.

As of 5 p.m. Toronto time on Feb. 23, 3,156,808 shares, or approximately 91.80% of Gendis' outstanding shares, were validly deposited. A company controlled by Cohen and several partners now owns roughly 97.76% of Gendis. The Cohen-controlled vehicle extended the tender period an additional 10 days to March 5.

Cohen, who with his siblings owned about 72.6% of Gendis' outstanding stock, made an offer to take Gendis private for C$4.65 per share to the board in November 2017. In late December 2017, a special committee of the board formed to evaluate the offer recommended in favor of the proposal, though at the higher price of C$5.25 per share.

Cohen's company said it plans to acquire the rest of the issued and outstanding shares it does not own through a second-step transaction.