GGP stock pricing held steady today after the retail REIT announced its shareholders had approved Brookfield Property Partners' offer to buy the second-largest U.S. mall owner. Brookfield's stock price dropped to $20.27/share.
The deal, first announced in March, would give GGP shareholders a $23.50 cash dividend, and a choice of one share of Brookfield stock or ownership in a new REIT for every GGP common share. The total cash consideration was valued at $9.25B, and the overall deal is valued at $15B. Brookfield already owned 34% of GGP stock. . . . more