Struggling CHC Student Housing Corp. found a lifeline Thursday by agreeing to a merger with Dundee Acquisition Ltd. that brings in $113-million, cash earmarked for the purchase of 12 off-campus university residences and the launch of a national niche real estate company.
CHC, a publicly traded company that owns four residences, attempted to raise $92.5-million last May to buy nine residences by selling stock for approximately $8.50 a share. But the equity offering failed, scuttling the acquisition plans, and CHC stock fell sharply, changing hands at $2 levels over the past six months.
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