VANCOUVER, April 3, 2018 /CNW/ - Pure Multi-Family REIT LP
("Pure Multi-Family") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF)
confirms that it is aware of a public announcement by Electra
America ("Electra") with respect to a conditional unsolicited
proposal for the outstanding Class A units of Pure Multi-Family
from Electra.
Electra initially approached Pure Multi-Family on December 12, 2017 with a conditional proposal to
acquire all of the outstanding units in Pure Multi-Family at a
price of US$7.54 per unit (the
"Initial Proposal"). On December 18,
2017, the board of Pure Multi-Family's general partner (the
"Board") formed a special committee of independent directors (the
"Special Committee") to evaluate the Initial Proposal, among other
things. The Special Committee immediately thereafter hired
Scotiabank as its financial advisors and Farris, Vaughan, Wills
& Murphy LLP as its legal advisors.
On January 17, 2018, the Special
Committee and the Board, after receiving advice from its financial
and legal advisors and carefully considering all relevant factors
associated with the Initial Proposal, unanimously concluded that
the Initial Proposal was inadequate.
On March 26, 2018, Electra
marginally increased its cash price to US$7.59 per unit (the "Revised Proposal"). The
Special Committee and the Board, with advice from its financial and
legal advisors, concluded that the Revised Proposal remains
inadequate.
Unitholders do not need to take any action at this time. The
Board is currently reviewing its strategic options. There can be no
assurance that a definitive offer relating to the proposals from
Electra will be made, or that any other similar transaction will be
entered into or consummated by Pure Multi-Family.
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publically traded vehicle
which offers investors exclusive exposure to attractive,
institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi-Family is available at
puremultifamily.com and sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (as that term is defined in policies of the TSX Venture
Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY
OF THIS RELEASE.
SOURCE Pure Multi-Family REIT LP