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TEHRAN, July 31 -Brookfield Asset Management Inc (BAMa.TO) said on Tuesday it would buy Forest City Realty Trust Inc (FCEa.N) in a deal valued at $11.4 billion, including debt, months after Forest City ceded board control to activist shareholders.
TEHRAN, Young Journalists Club (YJC) -Brookfield Asset Management Inc (BAMa.TO) said on Tuesday it would buy Forest City Realty Trust Inc (FCEa.N) in a deal valued at $11.4 billion, including debt, months after Forest City ceded board control to activist shareholders.
Forest City had been looking to sell itself and had reached out to more than 50 potential buyers, but failed to strike a deal. In March, it abandoned the sale process before settling with three shareholders to have nine directors resign and largely be replaced by independent nominees.
Brookfield said it would pay $25.35 in cash for each Forest City share. The offer represents a premium of about 10 percent to Forest City’s Monday close of $23.02.
Shares of Cleveland, Ohio-based Forest City were trading at $25.03.
The deal is for $6.77 billion, according to Reuters calculations, excluding debt.
Forest City’s portfolio includes office space, life science assets, retail space and multifamily units, as well as large-scale projects in New York, San Francisco and Washington, D.C.
Bloomberg reported in June that Forest City had restarted talks with Brookfield for a buyout.
Source:Reuters
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