MI Developments Spikes 32% on Buyout Offer

Shares of MI Developments Inc. (MIM) surged more than 32% after  ST Acquisition, a corporation controlled by the Stronach Family, said it would buy shares of the company that it does not already own for $13 a share in cash.

The offer value is a 21% premium to MIM closing PPS on Friday. ST Acquisition Corp. already owns 60% of the voting power of the company.

MIM said in a press release that it’s Board of Directors will establish a special committee of independent directors to review and evaluate the offer and also supervise the preparation of a formal valuation of the shares.

MIM shares gained $3.43, or 32.15 percent, to $14.10 at 1:09 p.m. ET in New York Stock Exchange  trading.

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