Axia Real Assets, a Toronto-based real estate fund, launches a hostile takeover bid for Plaza Retail REIT. The Globe and Mail reports that Axia makes a non-binding offer of $5.28 per unit. Other coverage states that Axia proposes acquiring Plaza in a transaction valued at about C$1.23 billion.
Plaza Retail REIT owns a portfolio of approximately 190 strip malls and retail centers, according to the Globe and Mail. The Winnipeg Free Press and Seeking Alpha both describe Axia’s proposal as a takeover offer and place the overall deal value at C$1.23 billion, aligning with the unit-price figure reported by the Globe and Mail.
The available reports focus on the structure and proposed value of the bid and do not indicate any agreed terms or acceptance by Plaza’s board at this stage. The hostile nature of the approach implies Axia is seeking to complete the acquisition directly despite potential resistance from the target’s management or shareholders.
