Sep. 30, 2013, 9:14 AM
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.
- Press release.
Apr. 25, 2013, 12:24 PMCurious 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%. | 1 Comment
Apr. 25, 2013, 9:16 AM
Feb. 1, 2013, 3:16 PMBrookfield Office Properties (BPO +6.3%) jumps after CEO Dennis Friedrich tells earnings call (transcript) listeners the company is in the late stages of signing letters of intent with two tenants for 1.5M square feet at Brookfield Place (old World Financial Center). It's good news for the company which has about 3M square feet in leases there opening up by year's end. | Comment!
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