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M&A / Property

Ewing Morris Announces Successful Completion of its Offer for Units of BTB Real Estate Investment Trust

By The Northwire Desk — AI Analysis Oct 20, 2025 · 17:06 BTB · 3.86 None
BTB · Price

Executive Summary

  • Ewing Morris completed an all‑cash tender offer to acquire Units of BTB Real Estate Investment Trust at $4.10 per Unit, totaling approximately $32.8 million.
  • The offer was oversubscribed; after pro‑ration, Ewing Morris will own 8,243,100 Units (≈9.85% of BTB’s issued and outstanding Units).
  • Payment will be made by Odyssey Trust Company on behalf of the depositors; unitholders need take no further action.

Key Details

  • Offer Price: $4.10 per Unit.
  • Aggregate Consideration: ~ $32,800,000 cash.
  • Pro‑ration Factor: Approximately 97.9% due to oversubscription.
  • Resulting Ownership: 8,243,100 Units → ~9.85% of BTB’s total issued and outstanding Units.
  • Payment Mechanism: Funds transferred by Odyssey Trust Company, the offer depository, in accordance with the Offer terms and applicable law.
  • Unitholder Action Required: None for those who deposited Units and did not withdraw.
  • Strategic Rationale (per release): Aligns with Ewing Morris’s “private‑equity mindset” to bring active engagement and long‑term value creation to public markets.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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