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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: Kitskid who wrote (229)6/6/1999 12:07:00 AM
From: Kitskid  Read Replies (1) of 11633
 

nationalpost.com
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Royal Host Reit Moves to have CHIP's poison pill quashed
David Steinhart
Financial Post
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Royal Host Real Estate Investment Trust has applied to four securities regulators asking that they kill the poison pill adopted by Canadian Hotel Income Properties Real Estate Investment Trust.
Calgary-based Royal Host wants the Ontario, Quebec, B.C. and Alberta commissions to act quickly in quashing the pill adopted by CHIP trustees on May 21. A favourable decision would allow Royal Host to proceed with its unit-swap deal, which it says places an 11% premium on the recent trading price of units in CHIP.
On May 19, Royal Host said it wanted to take over the CHIP REIT in a $339-million hostile bid for all units of CHIP.
"Our offer is fair and the CHIP poison pill provides for a 60-day bid period that we feel is out of step with the time required to properly consider and respond," said Randy Royer, president of Royal Host. At the time of its expiry on June 24, the Royal Host offer will have been in the market for 35 days, he said.
Royal Host, which holds the Travelodge master franchise in Canada and has 36 hotels, plus a resort-management business and a time-share operation, says its offer complies with the permitted-bid requirements of the CHIP poison pill other than the 60-day bid period.
"I can see why they want to rush our unit holders," said Kevin Grayston, CHIP's chief financial officer. "But we need to find alternatives because we want the proper process carried out."
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