The Globe and Mail reports in its Wednesday, May 28, edition that Mike McGahan, the executive chair of InterRent REIT, is proposing to acquire the apartment owner for $2-billion, with support from Singapore's sovereign wealth fund, GIC. The Globe's Andrew Willis writes that on Tuesday, InterRent announced CLV Group, a private company owned by Mr. McGahan, and GIC are bidding $13.55 per unit for InterRent. Mr. McGahan is the REIT's former chief executive officer. InterRent said the takeover offer is worth $4-billion, including the REIT's debt. The REIT is widely held and Mr. McGahan owns 4 per cent of its units. The offer to take InterRent private comes after the REIT faced an activist campaign from asset manager Anson Funds, which built a 9-per-cent interest in the company. The takeover bid is priced at a 35-per-cent premium to the price of InterRent units on March 7, when media first reported on Anson's campaign. Anson pushed for a sale or restructuring of InterRent because its units were trading well under their net asset value, which analysts estimate is $14.13 per unit. On Tuesday, InterRent said National Bank of Canada estimated the fair value of the company is between $12.75 and $14 per unit.