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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: Kitskid who wrote (226)	6/1/1999 8:15:00 PM
From: Kitskid	Read Replies (1) of 11633

newswire.ca - CHIP REIT receives Royal Host take-over bid - VANCOUVER, June 1 /CNW/ - Canadian Hotel Income Properties Real Estate Investment Trust HOT.un Canadian Hotel Income Properties Real Estate Investment Trust (''CHIP REIT'') today acknowledged receipt of an unsolicited take-over bid made by Royal Host Real Estate Investment Trust to acquire all of the outstanding units of CHIP REIT. The bid is not a ''permitted bid'' as defined in CHIP REIT's unitholder rights plan (the ''Plan'') as it is outstanding for only 22 days and not the 60 days required by the Plan. The purpose of the Plan is to provide the Board and unitholders sufficient time to pursue other alternatives which maximize unitholder value, and to properly consider and respond to take-over bids and merger proposals. The Trustees do not intend to waive the 60-day period required by the Plan. CHIP REIT has formed a Special Committee of independent Trustees comprised of Mr. J. Thomas English Q.C. (Chairman), Mr. John deC. Evans and Mrs. Janice G. Rennie, to review the bid and other alternatives available to CHIP REIT. Following this review, the Trustees of CHIP REIT will make their recommendation to unitholders. CHIP REIT's Special Committee has retained TD Securities Inc. as advisor to assist in evaluating the bid relative to other initiatives currently in progress. The Trustees of CHIP REIT advise its unitholders not to take any action until CHIP REIT's Trustees and their advisors have completed their review of the bid and made a recommendation. CHIP REIT was Canada's first hotel real estate investment trust and has a focus on mid-market and upscale full-service hotels. Through upgrades, repositioning and franchising, CHIP REIT and its wholly owned hotel manager, CHIP Hospitality, improve the operating performance of the properties within the portfolio to create value for investors. CHIP REIT currently owns and operates 36 hotels with close to 8,000 rooms across Canada. CHIP REIT units trade on The Toronto Stock Exchange under the symbol HOT.un. %SEDAR: 00005031E -30-

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