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UPDATE 1-Rouse Properties agrees to sweetened Brookfield offer

Published 2016-02-25, 08:40 a/m
© Reuters. UPDATE 1-Rouse Properties agrees to sweetened Brookfield offer
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(Adds details)
Feb 25 (Reuters) - U.S. real estate investment trust Rouse
Properties Inc RSE.N said Canadian asset manager Brookfield
Asset Management Inc BAMa.TO BAM.N agreed to buy the company
in a sweetened deal valued at about $2.8 billion, including
debt.
Brookfield Asset's latest cash offer of $18.25 per share
represents a premium of 2.82 percent to Rouse's Wednesday close
and values the real estate company at $1.06 billion.
Brookfield, which is already Rouse's biggest shareholder,
had made an all-cash unsolicited offer last month to buy all of
the company's shares it did not already own for $17 each.
The Canadian company, which has about $225 billion in assets
under management, owned 33 percent of Rouse as of Jan. 16.
Rouse's shares were trading at $18.05 ahead of the opening
bell on Thursday.
Rouse owns 35 malls and retail centers in 21 U.S. states.
The company had $1.64 billion in debt as of Sept. 30, according
to Thomson Reuters data.
BofA Merrill Lynch acted as financial adviser to Rouse
Properties, and Sidley Austin LLP acted as legal counsel.

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