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Huntingdon Hunting Down KEYreit

Huntingdon Hunting Down KEYreit

It won't knock the Primaris takeover fight from the CRE headlines, but Huntingdon Capital has offered $7 a share for 45% of KEYreit, in a bid valuing the small-box restaurant specialist at more than $100M.

John BItove

Part of the John Bitove (pictured) business empire, KEY was known as Scott's REIT until last summer. It has 227 properties in nine provinces and was once known largely as a KFC landlord. (Talk about a gig with some benefits.) KEY won't talk with reporters until it has formed a committee to evaluate the bid, though it's advising shareholders to hold off on decisions. Huntingdon already controls 5% of KEY, and offered a 13.3% premium over the last pre-bid TSX price. KEYreit traded near $6.65 this morning and most analysts' target prices are slightly above $6. One analyst expects the properties to end up within FAM REIT, spun-off by Huntingdon recently.

Related Topics: Huntingdon Capital, John Bitove