Legacy Hotels Announces Satisfaction of Canadian Competition Condition for Proposed Acquisition of the Trust
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Legacy Hotels Announces Satisfaction of Canadian Competition Condition for Proposed Acquisition of the Trust
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-08-23
Legacy Hotels Real Estate Investment Trust ("Legacy" or the "Trust") (TSX:LGY.UN) announced today that the Commissioner of Competition has issued a no-action letter, confirming that grounds do not exist at this time to initiate proceedings before the Competition Tribunal under the merger provisions of the Competition Act with respect to the Offer by LGY Acquisition LP to purchase the units of the Trust for $12.60 in cash per unit (the "Offer"). While the issuance of the no-action letter fulfills the condition to the Offer relating to the Competition Act, the Offer continues to be subject to the other conditions set forth in the take-over bid circular and Trustees' circular, each of which is dated August 3, 2007. The Offer is scheduled to expire at 8:00 p.m. (Toronto time) on September 13, 2007, unless the Offer is extended, or withdrawn.
As previously announced, Legacy's Board of Trustees has unanimously determined that the Offer is in the best interests of Legacy and its unitholders and unanimously recommends that the Trust's unitholders accept the Offer and deposit their units to the Offer.
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