A company controlled by Gendis Inc. CEO James Cohen extended the period for holders to tender their shares under its offer to acquire all Gendis' issued and outstanding common shares that it and its joint actors do not already own or control.
The 10457035 Canada Ltd. vehicle extended the period during which shares in the Canadian industrial and commercial landlord may be deposited to March 19, according to a release.
Holders of shares that accept the offer before the new deadline stand to receive C$5.25 in cash for each tendered share.
As at the offer's initial expiry date of Feb. 23, 3,156,808 shares, or roughly 91.80% of Gendis' outstanding shares, were validly deposited, taking the number of Gendis shares the offeror and its joint actors own and control to 12,286,865, or roughly 97.76% of the company's issued and outstanding shares.
The offeror intends to buy the remaining issued and outstanding Gendis shares not tendered under the offer through a second-step transaction.
