Brookfield Property Partners makes offer for stake in GGP

TORONTO – Brookfield Property Partners LP announced a Us$14.8-billion stock-and-cash offer to buy out the shares of U.S. shopping mall owner GGP Inc. that it does not already own. The company (TSX:BPY.UN) already holds a 34 per cent stake in GGP.

GGP says it has formed a special committee of its non-executive, independent directors to review and consider the offer. Under the bid, Brookfield is offering US$23 in cash or 0.9656 of a Brookfield Property Partners unit in exchange for each GGP share.

The amount of cash offered is capped at US$7.4 billion, while the number of shares offered is limited to 309 million, worth roughly US$7.4 billion.