Cadim Acquisition

Cadim Inc. (Cadim), a subsidiary of Caisse de dépôt et placement du Québec (Caisse) announced on August 11, 2000, that its subsidiary, Acadim Inc. had mailed the offering documents in connection with its offer to purchase all of the outstanding common shares of Acanthus Real Estate Corporation (Acanthus) at a price of $9.40 cash.

The move follows an announcement on July 21, 2000, that Acanthus had agreed to waive the application of its shareholder rights plan to the Cadim offer and that its board would recommend its shareholders accept the Cadim bid. On the same date, Acktion Corporation, which holds a significant shareholding in Acanthus, and which had previously made a hostile take-over bid for the company, entered into a lock-up agreement with Cadim pursuant to which it agreed to tender its shares of Acanthus to the Cadim bid.

Torys is acting for Acanthus Real Estate Corporation. The Torys’ team includes Patricia Koval, James Tory, Michael Padfield, Michael Pickersgill, Hugh O’Reilly, Michael Barrett, Barnali Choudhury, Karen Shields, Mary Mullens and Jane Helmstadter. Acktion Corporation is represented by Stikeman Elliott with a team of lawyers led by William Braithwaite and Maurice Swan. Ogilvy Renault, through its Montreal office, is representing Cadmic with a team of lawyers led by Francis Legault.