Regions

Bermuda-based global commercial property firm Brookfield Property Partners LP increased its offer to buy New York, US-based firm Brookfield Office Properties Inc

Close
December 20
5:53 PM 2013

Brookfield Property Partners LP raised the cash portion of it buyout bid for Brookfield Office Properties Inc by $1 per share. The revised offer comes after the said bid was evaluated by an independent committee, according to Bloomberg.

In a statement today, Brookfield Property said Brookfield Office shareholders can opt to have either $20.34 in cash or one limited partnership unit of Brookfield Property. The statement also said New York-based Brookfield Office's board intends to recommend that shareholders approve the revised offer, the report said.

Hamilton, Bermuda-based Brookfield Property offered to acquire the office landlord in September in a $5-billion bid. In an email, Brookfield Property spokeswoman Melissa Coley said the new offer has a value of $5.1 billion. The commercial property firm already holds a 51% stake in Brookfield Office, the report detailed.

In the original offer, Brookfield Property projected that the combined company would hold a total of $45 billion in assets. The company said it will issue a formal offer in early 2014. The firm expects the buyout to be completed by midyear, Bloomberg reported.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics