Independent committee and Board of Directors of the general partner of Public Storage Canadian Properties recommend that unitholders accept offer
TORONTO, May 28 /CNW/ - PS Canada Company ULC ("PS Canada") announced today that it has mailed an offer and take-over bid circular to the unitholders ("Unitholders") of Public Storage Canadian Properties (the "Partnership") in connection with PS Canada's previously announced offer (the "Offer") to acquire all of the units (the "Units") of the Partnership not already owned by PS Canada or its affiliates for $20.00 in cash per Unit. The Offer expires at 5:00 p.m. (Toronto time) on July 5, 2010, unless withdrawn or extended.
The Partnership also announced today that it has mailed a directors' circular in which the board of directors of the general partner of the Partnership, based upon the unanimous recommendation of the independent committee of the board, has determined that the Offer is fair to minority Unitholders and recommends that Unitholders accept the offer and tender their Units to the offer.
Unitholders are urged to read very carefully the offer and take-over bid circular and the directors' circular. These documents contain important information regarding the Offer and the full explanation of the reasons for the recommendation by the independent committee and board of directors of the general partner of the Partnership, as well as a copy of the valuation and fairness opinion of Blair Franklin Capital Partners Inc. Unitholders may obtain a copy of the offer and take-over bid circular, directors' circular and related letter of transmittal and notice of guaranteed delivery at www.sedar.com.
Unitholders wishing to tender their Units to the Offer must carefully review the offer and take-over bid circular and follow the instructions contained in the circular prior to expiry of the Offer.
PS Canada has retained The Laurel Hill Advisory Group as information agent for the Offer. Any questions or requests for assistance or further information on how to tender common shares to the offer may be directed to, and copies of the above referenced documents may be obtained by contacting, the information agent toll free at 1-877-900-2446 from anywhere in Canada or the United States or via email at email@example.com.
The Partnership is a publicly held limited partnership that invests in self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.
This press release does not constitute an offer to purchase any securities. This news release is neither an offer to purchase securities nor a solicitation of an offer to sell securities. The offer is being made only pursuant to the offer and take-over bid circular that PS Canada has filed with Canadian securities regulatory authorities.
SOURCE PUBLIC STORAGE CANADIAN PROPERTIES
For further information: For further information: PS Canada Company ULC, David Singelyn, (877) 774-5730; Public Storage Canadian Properties, William Ardell, (416) 777-4853