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RTTNews
Monday, January 5, 2015 Monday, January 5, 2015 |
December 2014 (RTTNews) – Brookfield Residential Properties Inc. (BRP: Quote,BRP.TO: Quote) and Brookfield Asset Management Inc. (BAM: Quote, BAM_A.TO) announced that they reached a definitive arrangement agreement by which Brookfield Asset Management will acquire the approximately 30.6% of common shares of Brookfield Residential not already owned by Brookfield Asset Management and its affiliates (about 35.9 million shares) by way of a court-approved plan of arrangement under Ontario law.
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As per the terms of the arrangement agreement, shareholders of Brookfield Residential will receive US$24.25 in cash per common share, which is $1.25 more than Brookfield Asset Management’s initial October 23, 2014 proposal to privatize Brookfield Residential for US$23.00 per share.
The US$24.25 per share consideration represents a premium of approximately 25% to the 30-day volume weighted average price of the common shares on the NYSE and TSX for the period ended October 22, 2014, being the last trading day prior to the announcement of Brookfield Asset Management’s privatization proposal.
The transaction provides total consideration to minority shareholders of Brookfield Residential of approximately US$871.00 million.
This is an excerpt from RTTNews as it appeared on January 5, 2015. For updates or to read the current version of this post in its entirety, please click here.
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