Dec. 20, 2013, 8:57 AM
- Brookfield Property Partners (BPY) bumps the cash portion of its offer for Brookfield Office Properties (BPO) by $1 to $20.34 per share.
- Brookfield Office shareholders can elect to receive either cash or one share of BPY for each share of BPO they own.
- The BPO board recommends accepting the boosted offer.
- Press release
- BPO +1.4% to $19.61 premarket. BPY closed yesterday at $20.14.
Sep. 30, 2013, 8:29 AM
- Brookfield Property Partners (BPY) offers to buy what it doesn't already own of Brookfield Office Properties (BPO) for $19.34 per share. BPO shareholders can accept either cash or shares of BPY (which closed Friday at $19.34) for their stake. The total value of the deal is about $5B.
- Trying to sell the deal to Brookfield Office shareholders, BPY notes they're getting a premium of 17% to the 30-day average share price. Those who accept stock in BPY will be getting a 79% increase in dividends and an 18% increase in book value.
- Easy game: SA Pro's Mike Arnold made a particularly well-timed bullish call on Brookfield Office just last Thursday.
- BPO +15.2% premarket to $19.32.
Aug. 30, 2013, 1:08 PM
- Brookfield Office Properties' (BPO -0.2%) tender to purchase all outstanding shares of the preferred stock of MPG Office Trust (MPG) for $25 in cash is extended until 12 midnight at the end of Monday September 9. It had originally been set to expire tonight.
- BPO is acquiring MPG (the common stock) for $3.15 each.
Apr. 25, 2013, 12:24 PM
Curious action in the preferred shares of MPG Office Trust (MPG.PA +3.3%) finds them trading up to $27.89 even as the buyout agreement from BPO calls for a tender at $25 with none of the accrued dividends being paid. "The joys of investing in busted preferreds," a special situations investor laments. MPG +21.2%.| Apr. 25, 2013, 12:24 PM | 1 Comment