Morguard Corporation announces bid for Revenue Properties

    MISSISSAUGA, ON, April 2 /CNW/ - Morguard Corporation (TSX: MRC)
("Morguard"), announced today that it intends to make an offer for all of the
issued and outstanding shares of Revenue Properties Company Limited (TSX: RPC)
("RPCL") that it does not already own at an offer price of CDN$12.00 cash per
share or the option of receiving 0.33 common shares of Morguard for each
1 common share of RPCL provided that Morguard is not required to obtain a
formal valuation of the Morguard common shares and it obtains all necessary
regulatory approvals. Morguard currently owns 72.6% of the outstanding common
shares of RPCL.
    Morguard has formally requested that the Board of Directors of RPCL
appoint a special committee of the Board to consider Morguard's offer and to
appoint an independent valuator to complete a formal valuation of the
outstanding common shares of RPCL. Morguard will include the formal valuation
in its take-over bid circular to be mailed to shareholders. Mailing of the
offer will take place shortly after receiving the formal valuation.
    Morguard has cash resources available to finance the offer. The offer
will be only subject to a material adverse change at RPCL condition. If
sufficient RPCL shares are tendered to the offer, Morguard intends to take the
appropriate steps either by way of compulsory acquisition or subsequent
acquisition transaction to acquire the remaining outstanding shares of RPCL.
    Morguard hopes to be in a position to mail the take-over bid circular
sometime next month.