6th Jan 2021 21:28
Middlefield Canadian Income PCC - investor focused on Canadian and US equities - Notes Brookfield Asset Management Inc and a group of investors have offered to acquire the remaining 40% stake which it does not own in investee Brookfield Property Partners, in a USD5.9 billion deal to take the real estate company private.
Notes offer proposed is at USD16.50 per unit which represents a 14% premium to the share price at the end of 2020.
"The proposed offer is exciting news for the fund which initiated a position in Brookfield in October 2020, generating an attractive return on investment over a short period of time. If the proposed offer were to materialise, an exit price of USD16.50 per unit would represent a 12% premium to MCT's initial investment in Brookfield, and provide a 35 basis point uplift to the Company net asset value. Moreover, based on Brookfield's closing price on January 4 of USD17.01 per unit, market participants are currently expecting a higher offer price to emerge," says Dean Orrico, president of Middlefield International.
Current stock price: 93.45 pence
Year-to-date change: up 1.6%
By Ife Taiwo; [email protected]
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