Market Overview

Rouse Properties To Be Acquired By An Affiliate Of Brookfield Asset Management For $18.25 Per Share


Rouse Properties Inc (NYSE: RSE), a real estate investment trust company that focuses on regional malls, announced on Thursday it has agreed to sell itself to an affiliate of Brookfield Asset Management Inc (NYSE: BAM) for $18.25 per share.

Rouse Properties' stock closed for trading at $17.75 on Wednesday.

The company has been an acquisition target since January when Brookfield's affiliate offered to acquire Rouse Properties for $17.00 per share.

As part of the merger agreement, Brookfield will acquire all of the outstanding shares of Rouse's common stock in a transaction that values the company at approximately $2.8 billion. The buyout price implies an approximate 35 percent premium to Rouse's closing stock price on January 15, the last trading day prior to the initial proposal.

"The Rouse team has built a great company with a strong platform and differentiated assets and we are pleased that Brookfield recognizes the value we have created in becoming a leader in our sector," said David Kruth, Chairman of the Special Committee of the Board of Directors of Rouse. "Since forming the Special Committee last month, and with the assistance of our financial and legal advisors, we have focused on evaluating options available to maximize value for Rouse and its shareholders. After careful consideration, the Special Committee determined that Brookfield's increased proposal provides shareholders with compelling value as well as a high degree of execution certainty, further validating the strength of the platform that Rouse has built. We are pleased to have reached this agreement, which we believe benefits all Rouse shareholders."

Posted-In: Brookfield Asset Management David Kruth real estate investment trust REITM&A News REIT Real Estate


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