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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rouse Properties, Inc. (delisted) | NYSE:RSE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.27 | 0 | 01:00:00 |
By Judy McKinnon
Canada's Brookfield Asset Management Inc. said Tuesday it had made an all-cash offer for Rouse Properties Inc. that values the U.S. mall owner at nearly $1 billion.
New York-based Rouse confirmed separately that it received the unsolicited bid from the Canadian asset manager on Saturday and had formed a special committee to consider it.
Brookfield, which already owns about 33% of Rouse's outstanding shares, offered $17 a share for the company, a 26% premium to Friday's closing price. Based on Rouse's 58 million shares outstanding, Brookfield's offer is valued at $657 million.
Rouse shares jumped 28% on news of the bid, recently trading just above the offer price at $17.30.
Rouse said the special committee, which consists of a group of company directors, plans to conclude its review "promptly."
Brookfield, a global asset manager, has about $225 billion under management. Last year it sold stock to raise more than $1 billion and said it was working on opportunities to allow it to invest the capital.
Rouse, a real-estate investment trust, owns a portfolio of 35 malls and retail centers across the U.S.
Write to Judy McKinnon at judy.mckinnon@wsj.com
(END) Dow Jones Newswires
January 19, 2016 11:20 ET (16:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Rouse Properties, Inc. (delisted) Chart |
1 Month Rouse Properties, Inc. (delisted) Chart |
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