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Brookfield Property Partners LP To Acquire Brookfield Office Properties Inc


Monday, 30 Sep 2013 08:30am EDT 

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. 

Company Quote

23.29
-0.11 -0.47%
26 Dec 2014