Teranet board opens door for OMERS
Market turmoil means better bid for electronic land registry unlikely to appear
October 16, 2008
Turmoil in the financial markets has reduced what might have been a crowded race to buy Teranet Income Fund down to a single horse.
With little hope of a rival bidder emerging, Teranet's board of directors withdrew its recommendation that investors reject a $1.7-billion takeover offer from Borealis Infrastructure Management Inc.
Borealis, an investment arm of the Ontario Municipal Employees Retirement System pension fund, will extend its bid by two weeks to Oct. 31. At this time all other terms and conditions of the offer remain unchanged, Borealis said in a news release yesterday.
On Sept. 26, the board of Teranet, which holds the exclusive licence for Ontario's electronic land registry system until 2017, unanimously recommended unitholders reject Borealis's "inadequate" $11-a-unit cash bid.
Tuesday, October 21, 2008
Posted by Fillibluster at 12:26 PM