Bitove Opts for Plazacorp Shares
KEYreit CEO John Bitove, its largest unitholder, announced yesterday that he is going to take only common shares of Plazacorp as opposed to cash, the latest chapter in attempts to finalize KEYreits sale to the Plazacorp. Plazacorps offer to KEYreit unitholders is $8.35 per unit in cash and stock. With Bitoves move, more cash will be available to other KEYreit unitholders. The other group bidding for KEYreit, Huntingdon Capital, has given KEYreit unitholders to 5pm today to accept their all-cash offer of $8 per unit. (And we thought NHL trading deadline would be our last exciting deadline this month.)
Correction: Tuesday we referred to Joe Pennachetti as Torontos City Planner. Joe is of course the City Manager. Both jobs are good ones--as this error proves we're sometimes not successful at managing facts, or planning ways to keep our job. Send story ideas tomark.keast@bisnow.com.
