Canada's Huntingdon REIT, IAT Air Cargo change terms of merger

A REVERSE takeover between Huntingdon Real Estate Investment Trust and IAT Air Cargo Facilities Income Fund has been turned into a merger that will see Huntingdon hold the majority of the resulting combined company.

The two companies have announced that the all-equity merger previously valued at C$370 million (US$348 million) has been amended.

Upon closing, IAT will hold 48 per cent of the merged company instead of a previous 53 per cent stake. The new company will operate 88 properties across Canada and will be led by current IAT president Zachary George.

Huntingdon and IAT said their respective trustees support the amended deal.

FrontFour Capital Group LLC, the majority stakeholder in IAT with a 45 per cent interest in the trust, has also confirmed its support of the amended deal and will own a 24.5 per cent stake of the combined company.

IAT unitholders will meet on December 7 to consider the amended merger proposal.
 

Source: SchedNet