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SIZELER PROPERTY INVESTORS, Inc.
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REVENUE PROPERTIES COMPANY LIMITED
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FOR IMMEDIATE RELEASE:
11-Sep-06 Sizeler: Compson will make formal bid Tuesday; Revenue will
21:47 not put up fight, sources say
Sizeler Property Investors, the listed Louisiana-based real estate
investment trust, is expected to receive an all cash price offer
from Compson Holdings on Tuesday. The offer is expected to be
equivalent to USD 16.10 per share. Michael Comparato, president of
Compson, the Florida-based family-owned REIT, said he will file a
counter bid to the USD 15.10 per share offer submitted last month
by Sizeler's largest institutional shareholder, Revenue
Properties. This follows Compson's proposal letter sent to
Sizeler's board of directors on 5 September announcing it would
acquire the company for USD 16.10 per share. Sizeler and Compson
entered into negotiations at the end of last week, Comparato said,
allowing Compson to move forward with their formal counter offer
to be filed with the SEC on Tuesday.
Compson has retained UBS as its financial advisor and Kronish Lieb
Weiner & Hellman and Cooley Godward as its legal advisors, said
Comparato. He also said that UBS has provided the financing
commitment for Compson's proposal.
Executives at Sizeler did not return calls for comment. In
response, Rai Sahi, CEO of Revenue, the publicly-listed Canadian
real estate owner, said that his company has no room to increase
its bid having already "stretched" to the current USD 15.10
valuation. Sahi said if Sizeler receives a higher offer, Revenue
will undoubtedly tender their shares.
Sahi implied, however, that Revenue is in a win-win situation, as
the company owns approximately 2.1m shares in Sizeler, or about
9.9% of issued and outstanding shares.
Another shareholder, Phillip Goldstein of New York-based hedge
fund Opportunity Partners, who publicly opposed the sale of
Sizeler for USD 15.10, indicated that the raised offer would
suffice despite falling short of his valuations. Goldstein said
fair value for Sizeler should be in the range of USD 18 to USD 19.
Goldstein told this news service that the liquidation value of
Sizeler's real estate portfolio could even reach USD 17 per share.
But Goldstein, along with other shareholders, including Mercury
Real Estate Advisors, claimed that during Sizeler's four month
auction period, some bidders were not given the necessary
information to allow for a competitive bidding process. At
present, Goldstein said he believes Compson's USD 16.10 bid
represents the "only fair bid" on the table.
"Sizeler is worth more than USD 15.10, and I think it is worth
more than USD 16.10," said Goldstein. "But if Sizeler gives
serious consideration to this offer and the process is fair, I'll
accept the highest price we can get in a fair process," he added.
by Kate Laughlin and Nadia Damouni