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M&A

Clarke Inc. / RAVELIN PROPERTIES REIT

Lane
M&A
Announced
27 Mar 2026
Province
Nova Scotia
Industry
Real estate
Status
Announced
What the filing says
Clarke Inc. (TSX: CKI ) ("Clarke") and Ravelin Properties REIT (TSX: RPR.UN ) ("Ravelin" or the "REIT") are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement"), pursuant to which Clarke has agreed to acquire all of the outstanding units of the REIT (the "REIT Units") and all of the REIT's outstanding 9.00% convertible unsecured subordinated debentures, 5.50% convertible unsecured subordinated debentures and 7.50% convertible unsecured subordinated debentures (collectively, the "REIT Debentures") by way of a Court (as defined below) approved…
Consideration
$157.9MM
Credits
Bennett Jones LLP (legal advisor); Voorheis & Co. LLP (legal advisor); Thornton Grout Finnigan LLP (legal advisor)
break fee
$1,000,000“In addition, the Arrangement Agreement provides for a termination fee of $1,000,000 payable by the REIT to Clarke if it accepts a superior proposal and in certain other specified circumstances.”
premium to market
171% (closing price of the REIT Debentures on the Toronto Stock Ex)“Based on Clarke's share price, the consideration to be received by REIT Debentureholders (including Early Consenting Debentureholders) represents a premium of 93% to the 20-day volume-weighted average trading price of the REIT Debentures, and a premium of 171% to the closing price of the REIT Debentures on the Toronto Stock Exchange ("TSX") on March 26, 2026, the day prior to this announcement.”
premium to market
93% (20-day volume-weighted average trading price of the REIT Deb)“Based on Clarke's share price, the consideration to be received by REIT Debentureholders (including Early Consenting Debentureholders) represents a premium of 93% to the 20-day volume-weighted average trading price of the REIT Debentures, and a premium of 171% to the closing price of the REIT Debentures on the Toronto Stock Exchange ("TSX") on March 26, 2026, the day prior to this announcement.”
Source

Compiled from public filings, court documents, exchange bulletins and issuer releases. Figures are as disclosed and are not independently verified.

Not financial, investment, legal or tax advice, and not an offer to buy or sell any security. Verify everything before you transact.

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