Brookfield Asset Management Offers All Cash for Rouse Properties
20 January 2016 - 3:50AM
Dow Jones News
Canada's Brookfield Asset Management Inc. said Tuesday it had
made an all-cash offer for Rouse Properties Inc. that values the
U.S. mall owner at nearly $1 billion.
New York-based Rouse confirmed separately that it received the
unsolicited bid from the Canadian asset manager on Saturday and had
formed a special committee to consider it.
Brookfield, which already owns about 33% of Rouse's outstanding
shares, offered $17 a share for the company, a 26% premium to
Friday's closing price. Based on Rouse's 58 million shares
outstanding, Brookfield's offer is valued at $657 million.
Rouse shares jumped 28% on news of the bid, recently trading
just above the offer price at $17.30.
Rouse said the special committee, which consists of a group of
company directors, plans to conclude its review "promptly."
Brookfield, a global asset manager, has about $225 billion under
management. Last year it sold stock to raise more than $1 billion
and said it was working on opportunities to allow it to invest the
capital.
Rouse, a real-estate investment trust, owns a portfolio of 35
malls and retail centers across the U.S.
Write to Judy McKinnon at judy.mckinnon@wsj.com
(END) Dow Jones Newswires
January 19, 2016 11:35 ET (16:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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