Gazit Offers $91.9M for Centrefund Realty Corp.

On June 13, 2000, Gazit 1997 Inc. (Gazit), a Canadian subsidiary of Israeli company The Gazit Group, announced its intention to make a takeover bid for up to 8.75 million common shares of Centrefund Realty Corp. (Centrefund) at $10.50 per share, for a total cash consideration of $91.9 million. Combined with the shares that it already owns, the successful completion of the offer would result in Gazit owning approximately 68 per cent of the outstanding common shares of Centrefund.

Richard Steinberg, Cathy Singer, Jeff Legault, and Jennifer Mazin of Fasken Martineau DuMoulin LLP’s Toronto office are acting for Gazit. Goodman Phillips & Vineberg is acting for Centrefund with a team that includes Stephen Halperin, Carla Salzman, Neil Harris, Sheldon Freeman, Neil Sternthal with assistance from Goodman Phillips & Vineberg partner and Centrefund director, Lorie Waisberg, Q.C.