Ewing Morris Announces Premium All-Cash Offer to Acquire Units of BTB Real Estate Investment Trust

Core Viewpoint - Ewing Morris has announced a premium all-cash offer to acquire up to 8,000,000 units of BTB Real Estate Investment Trust at a price of $3.80 per unit, representing a 4% premium over the recent trading average [1][2]. Offer Details - The total value of the offer, if fully accepted, is approximately $30.4 million [3]. - The offer is open for acceptance until September 30, 2025, at 5:00 p.m. Montreal time, unless extended or withdrawn [3][9]. - The offer is not classified as a "take-over bid" under Canadian securities laws [3][18]. Market Context - The Canadian REIT sector has been underperforming since interest rates began to rise in 2022, with BTB trading about 30% below its closing price in December 2019 [5]. - The offer provides existing BTB unitholders with immediate liquidity at a premium price, which is particularly beneficial given the low trading volume of BTB units [5][8]. Reasons to Accept the Offer - The offer price of $3.80 per unit is a cash payment that exceeds the target price set by all current sell-side analysts covering BTB [7][8]. - The offer presents a unique liquidity opportunity for unitholders, allowing them to sell at a premium in a market where trading volume is typically low [8].