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M&A / Property

BTB obtains partial tender offer for 8M units by Ewing

By The Northwire Desk — AI Analysis Sep 05, 2025 · 16:36 BTB · 3.78 BTB Real Estate Investment Trust
BTB · Price

Executive Summary

  • BTB Real Estate Investment Trust (BTB REIT) confirmed it is aware of a partial tender offer issued by Ewing Morris Fleetwood LP to acquire up to 8 million units of BTB at $3.80 per unit.
  • The REIT was first notified of the offer on September 3, 2025, and the Board of Trustees is currently reviewing the proposal to assess its merits.
  • This response addresses news released on September 4, 2025, regarding the potential acquisition attempt by the investment vehicle managed by Ewing Morris & Co. Investment Partners Ltd.

Key Details

  • Offeror: Ewing Morris Fleetwood LP (an investment vehicle managed by Ewing Morris & Co. Investment Partners Ltd.).
  • Target: BTB Real Estate Investment Trust (TSX: BTB.UN).
  • Offer Structure: Partial tender offer for up to 8,000,000 units.
  • Offer Price: $3.80 per unit.
  • Notification Date: The REIT was first notified by Ewing Morris on September 3, 2025.
  • Public Announcement Date: September 4, 2025.
  • Company Status: BTB REIT is a real estate investment trust listed on the Toronto Stock Exchange, owning and managing 73 properties with approximately 6.1 million square feet of leasable area across industrial, suburban office, and necessity-based retail sectors in Canada.

Notable Quotes

  • "The board is carefully reviewing and will assess the partial tender offer on its merits."
Read the original news release →

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