BPY.N - Event Transcript of Brookfield Property Partners LP conference call, Feb. 06, 2014 / 11:00AM ET
Provider: Thomson Reuters StreetEvents
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Brookfield Property Partners LP To Acquire Brookfield Office Properties Inc
Brookfield Property Partners L.P (Brookfield Property Partners or BPY) announced that it proposes to acquire Brookfield Office Properties Inc. (BPO) through a tender offer for "any or all" of the common shares of BPO that it does not currently own (the "Offer") for consideration value of $19.34 per common share of BPO. Each BPO shareholder can elect to receive consideration per BPO common share of either 1.0 limited partnership unit of Brookfield Property Partners or $19.34 in cash, subject in each case to pro-ration based on a maximum of 174 million BPY limited partnership units (67% of the total value of shares tendered to the Offer) and a maximum cash consideration of $1.7 billion (33% of the total value of shares tendered to the Offer). BPO shareholders who receive limited partnership units will be able to do so on a tax-deferred basis. The Offer price represents a premium of 17% to the 30-day volume weighted average price of BPO shares on the New York Stock Exchange and 16% to the 30-day volume weighted average price of BPO shares on the Toronto Stock Exchange, and a 15% premium to the closing price of BPO shares on September 27, 2013 on each of those exchanges.
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