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Activists find a new way to build big stakes Add to ...

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Activist Orange Capital’s premium tender offer for units of Partners Real Estate Investment Trust now has the imprimatur of the Ontario Securities Commission, meaning that if the tactic works, it could be a tool that other activists use to build stakes and gather proxies.

Orange is offering to buy as much as 10 per cent of Partners for $5 a unit, which was a 7 per cent premium to the market price when the tender was announced in late May. The tender came with the stipulation that anybody offering up shares to be bought would have to give Orange the proxy to vote those shares – even if they weren’t all taken up.

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