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REIT's co-founder makes bid.
A co-founder and former trustee of Retirement Residences Real Estate Investment Trust is trying to buy the company.
George Kuhl departed as the REIT's vice-chairman in October to start a competitor, All Senior Care Living Centres Ltd.
Kuhl said in a release yesterday that he and a private equity partner have made an informal cash takeover bid for Retirement REIT. No terms were given.
Mississauga, Ont.-based Retirement Residences REIT, which has 215 retirement homes and long-term-care facilities in Canada and the United States, disclosed Jan. 12 that it had received an unsolicited informal takeover proposal.
That prompted speculation that the bidder was Chartwell Seniors Housing REIT.
Michael Fraser, chief financial officer of All Senior Care, said in an interview that Kuhl's bid was made Jan. 23.
The proposal is backed by an unnamed, "very large, U.S.-based equity player," said Fraser, a former vice-president of Retirement Residences REIT.
Copyright (c) 2006 The Toronto Star |
