{"id":1004137839,"date":"2016-02-25T10:00:52","date_gmt":"2016-02-25T18:00:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137839"},"modified":"2020-05-18T21:48:59","modified_gmt":"2020-05-19T05:48:59","slug":"brookfield-acquires-rouse-for-2-8b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-acquires-rouse-for-2-8b\/","title":{"rendered":"Brookfield Acquires Rouse for $2.8B"},"content":{"rendered":"

By Samantha Goldberg, Associate Editor<\/p>\n

\"Mt<\/a>

Mt. Shasta Mall in Redding, Calif., a shopping center owned by Rouse Properties<\/p><\/div>\n

Rouse Properties <\/a>has finally decided to accept a takeover bid from Brookfield Asset Management Inc.<\/a>\u2014but with a much bigger price tag. Last month, CPE reported<\/a> the U.S. mall operator was considering a $657 million takeover bid, but the company announced today that it would be acquired by a BAM affiliate for a much heftier $2.8 billion.<\/p>\n

Brookfield’s all-cash offer of $18.25 per share was an increase of $1.25 per share from the $17 price Brookfield originally proposed on Jan. 16. The deal was unanimously approved today by the special committee of Rouse’s board of directors. Sidley Austin LLP<\/a> represented Rouse in the transaction.<\/p>\n

As part of the deal, Brookfield will acquire all of Rouse’s outstanding shares of common stock, except for shares Brookfield Property Partners LP (BPY) and its affiliates currently hold. The purchase price represents 35 percent over Rouse’s closing stock price on Jan. 15, which was the last trading day prior to Brookfield’s announced proposal to acquire Rouse.<\/p>\n

The special committee was formed last month to evaluate deal options that would “maximize value for Rouse and its shareholders,” David Kruth, chairman of the committee, stated. He added that “Brookfield’s increased proposal provides shareholders with compelling value as well as a high degree of execution certainty.”<\/p>\n

The transaction is expected to be completed in the third quarter of 2016, contingent on the approval of Rouse’s majority shareholders. BPY and its affiliates, which represent about 33 percent of Rouse’s outstanding shares, already voted in favor of the acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rouse Properties has accepted a takeover bid from Brookfield Asset Management\u2014but at a much higher price tag than originally proposed last month.<\/p>\n","protected":false},"author":1242,"featured_media":1004137841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,23891,21742],"tags":[],"class_list":["post-1004137839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-national","category-latest"],"acf":[],"yoast_head":"\nBrookfield Acquires Rouse for $2.8B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-acquires-rouse-for-2-8b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Acquires Rouse for $2.8B\" \/>\n<meta property=\"og:description\" content=\"Rouse Properties has accepted a takeover bid from Brookfield Asset Management\u2014but at a much higher price tag than originally proposed last month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brookfield-acquires-rouse-for-2-8b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-25T18:00:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T05:48:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/MtShastaMall_Redding_2273917.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"436\" \/>\n\t<meta property=\"og:image:height\" content=\"267\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samantha Goldberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-acquires-rouse-for-2-8b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-acquires-rouse-for-2-8b\/\",\"name\":\"Brookfield Acquires Rouse for $2.8B - 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