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Gendis CEO receives necessary tenders in takeover bid

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Gendis CEO receives necessary tenders in takeover bid

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.