Brookfield Property Partners L.P. BPY

Random Thoughts on BAM US$16.50 Offer

[Vette08]

Just a few random thoughts on a Saturday night.....

(i) Not so friendly article today in the FT effectively ridiculing BAM on the BPY takeout saying BAM is foregoing significant value in making a bid for BPY all to clean up the BPY mess out of the "public eye".  They reason it is not a good idea for a global asset manager (ie BAM) for other people's money to have it largest subsidiary take it on the chin in public.  I agree with some of their logic but Bruce Flatt knows what he is doing here.  The FT has had it for BAM on BPY for awhile now.

(ii) I wonder if the FT realizes that BAM/BPY undertook SIB's for BPY stock in the spring of 2018 at US$21 (which was way under subscribed) and then in the summer of 2020 at US$12 (which was also under subscribed).  Someone should maybe give the FT a basic calculator to calculate the simple average of US$21 and US$12.  

(iii) The BPY quarterly and annual earnings release come quicker than usual on Feb 2 and it will be interesting to see what progress has been made on the takeout and if the Board declares the US$0.33 dividend.

Still long,
Vette

[SargeX]

Hey Vette Interesting post. The FT definitely have had a bee in their bonnet wrt BPY. I'm still a tad suspicious of Flatt and BAM as I truly belive that they put themselves ahead of shareholders. There's also way too much hidden financial stuff oing on for my liking. As mentioned, I sold all our BPY.UN main shares at an average of $21.65 and took a bit of a loss after holding since Nov,