TORONTO — Unitholders of InnVest Real Estate Investment Trust have overwhelmingly approved Bluesky Hotels and Resorts’ Inc. offer to acquire all of the issued and outstanding units of InnVest for $7.25 in cash per unit. Approximately 70 per cent of InnVest’s units were represented at the meeting in person or by proxy — 99.71 per cent of whom voted in favour of the deal.
InnVest will apply for a final order of the Alberta Superior Court of Justice (Commercial List) for approval of the sale on June 29, 2016. The Commissioner of Competition has reviewed the offer and has issued an Advance Ruling Certificate pursuant to section 102 of the Competition Act. The closing of the arrangement remains subject to court approval, Canadian regulatory approvals under the Investment Canada Act and the satisfaction or waiver of other customary closing conditions. InnVest expects the deal to close in the third quarter of 2016.
