Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Atlantis owner to buy 30.6 per cent of Brookfield Residential shares

RTTNews recently reported that Brookfield Residential Properties Inc and Brookfield Asset Management Inc, which owns Atlantis Paradise Island, have announced that they have reached a definitive arrangement agreement by which Brookfield Asset Management will acquire the approximately 30.6 per cent of common shares of Brookfield Residential not already owned by Brookfield Asset Management and its affiliates. 

Source:
Date:
Updated:
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.

[Note: Any reference to stocks, funds, investment and its underlying recommendation does not reflect the opinion of The Bahamas Investor or any of its contributors.]

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.

Continue reading this post >

Cuban ambassador to The Bahamas Ernesto Guzman says that the two countries should highlight their individual attributes to target different segments of the tourism market and combine their strengths. Watch a ZNS Network news interview with the ambassador here.

Hope Strachan has been named as the Minister of Financial Services with effect January 12, 2015. Her appointment was among a number recently announced by the government.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD