The offer would be at an exchange ratio of 1.05x for each outstanding CBFI issued by Terrafina, while providing both sets of investors the opportunity to crystalize a true merger of equals and form the largest institutional FIBRA ( Real Estate Investment Trust ) in Mexico. The proposal remains subject to, among other things, the receipt of all necessary approvals. FIBRA Macquarie believes that its proposed transaction represents a superior alternative for Terrafina CBFI holders relative to other publicly announced offers to date, as well as an attractive strategic acquisition for FIBRA Macquarie. There are compelling reasons for a combination of FIBRA Macquarie and Terrafina, including: "We are confident that this combination has the potential to create an unmatched platform, which we believe would significantly accelerate both FIBRA Macquarie's and Terrafina's long-term growth strategy for the benefit of all certificate holders.