Brookfield Property REIT Inc. Announces Intention to Commence Tender Offer to Acquire Up to 9,166,667 Shares of Class a Stock at a Price of $12 Per Share
Brookfield Property REIT Inc. - Class A (BPYU)
Company Research
Source: GlobeNewswire
BROOKFIELD NEWS, July 02, 2020 (GLOBE NEWSWIRE) -- Brookfield Property REIT Inc. (“BPYU” or “the Company”) (NASDAQ: BPYU) announced today its intention to commence a tender offer (the “Offer”) to purchase up to 9,166,667 shares of BPYU’s Class A Stock, par value $0.01 per share (“Class A Stock”), from public shareholders for a price of $12 per share, representing a 17.3% premium to the share price on the Nasdaq Stock Market as of market close on July 1, 2020. The total value of the Offer is expected to be approximately $110 million. For greater clarity, the Offer will not be made for limited partnership units (“BPY Units”) of Brookfield Property Partners L.P. (“BPY”), which will be the subject of a concurrent and separate offer by BPY. However, shareholders of Class A Stock have the option to exchange, on a 1-for-1 basis, their Class A Stock for BPY Units if they wish to participate in the BPY offer. BPY has advised BPYU that it intends to exercise its right to satisfy all exchange
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