Rouse Shareholders Accept Brookfield’s $2.8B Takeover Bid
After months of rumors, a special committee of mall REIT Rouse Properties' board of directors accepted Brookfield Asset Management’s all-cash $2.8B takeover bid.
Led by CEO, and Bisnow's January Player Of The Month recipient, Bruce Flatt, Brookfield’s buyout comes out to $18.25/share, up from its original $17/share proposal.
After accounting for Rouse’s $1.64B in debt, the deal comes out valued at $1.06B and is planned for completion in Q3, pending shareholder approval, The Real Deal reports.
The buyout comes as part of Brookfield's bid to match Blackstone on the private equity front. The Canadian asset manager has around $225B in assets, and hasn't been shy about using it recently.
Rouse Properties spun off from General Growth Properties, the giant retail REIT, back in 2012, and owns a portfolio of 35 malls across the US. [TRD]
