Firm Capital Realty Partners Inc. announces interest in making offer to acquire The Becker Milk Company Limited at $21.00 per share

TORONTO, Dec. 17, 2013 /CNW/ - Firm Capital Realty Partners Inc. ("Firm Capital") announces that it has informed The Becker Milk Company Limited (TSX : BEK.B) ("Beckers" or the "Company") that it is prepared to work towards making an offer to acquire all of the common and Class B shares of Beckers for approximately $21.00 per common and Class B share of Beckers, or approximately $38 million. In order to make the offer, Firm Capital requires Beckers to grant access to Firm Capital to Becker's electronic data room in order for Firm Capital to satisfy its remaining confirmatory due diligence requirements and finalize its financing.

The proposed price of $21.00 per share represents a 23% premium to the closing price of the Company's Class B shares on the TSX on December 13th, 2013 and a 35% premium to the closing price of the Class B shares on the TSX on August 5th, 2013, being the last trading day immediately preceding the board's announcement that it was considering a possible sale of the Company.

For almost a year, starting well prior to Beckers' August 5th announcement, Firm Capital has made several proposals to Beckers to acquire the Company or its assets, and has encouraged the board of directors of Becker's to pursue a value maximizing transaction for the benefit of all Beckers shareholders. Firm Capital believes this prompted Beckers to make their August 5th press release. However, the Becker's board has not been willing to engage in any meaningful discussions with Firm Capital and has not granted Firm Capital access to Beckers data room. Notwithstanding four months having passed since Beckers' August 5th announcement, no superior proposals from other parties have been announced.

With no apparent alternative transaction on the horizon, Firm Capital's proposed offer represents the best outcome to maximize value for all Beckers shareholders. If the Beckers board continues to resist and reject Firm Capital's fully valued proposal, Firm Capital will consider taking its offer directly to the Company's shareholders.

Further information about the previous offers and all correspondence to the Company can be found on the Firm Capital website at .

Firm Capital Realty Partners Inc. ("Firm Capital and or related entities") is a real estate asset manager based in Toronto, Canada. Since 1988, Firm Capital has established an exceptional track record of successfully deploying proprietary and managed capital opportunistically between debt and equity investments in the Canadian real estate private and public markets. Amongst the managed lending entities, Firm Capital Mortgage Investment Corporation (TSX : FC) is a TSX-listed leading non-bank lender providing innovative Construction, Bridge, Equity, and Conventional Real Estate Financing to builders, developers, and real estate investors. In addition, Firm Capital Property Trust (TSXV : FCD.UN) is a TSXV-listed real estate investment trust focused on co-owning a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional real estate in partnership with management and industry leaders. Firm Capital focuses on a simple culture and goal; to be a client-driven organization, with impeccable integrity, focused on preservation of capital through disciplined tactical investing, at the same time building long term relationships.

This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by Firm Capital. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of Firm Capital believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither Firm Capital nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. Firm Capital has not, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

SOURCE: Firm Capital Corporation

For further information:

Eli Dadouch
President & Chief Executive Officer
(416) 635-0221

Profil de l'entreprise

Firm Capital Corporation

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