Brookfield Property Partners L.P. BPY

BAM Bid For BPY

[Vette08]

BAM offers US$16.5 when they say NAV is US$30.

Looks like an interesting offer though with pref piece etc

Still Long 
Vette

[dileas48s]

Vette, can you confirm this language from the press release means unit holders will have one of three choices: Subject to pro-ration, BPY unitholders would have the ability to elect to receive, per BPY unit, $16.50 in cash, 0.40 Brookfield Class A shares, or 0.66 of BPY preferred units with a liquidation preference of $25.00 per unit.  So, one could elect to take the

[Vette08]

Hi Dileas, In regards to your question, I really have no idea but I would think the offer would have used the wording "or combination of..." if they were letting you make such a  choice. Looks like the shorts are getting squeezed pre-market and/or a sweetened offer is coming at some point as per usual w BAM. Vette

[dileas48s]

The PR from BPP has a slightly different text: As outlined in Brookfield’s press release, the proposal provides that each unitholder can elect to receive consideration per Unit of a combination of (i) 0.4 Brookfield Shares,  (ii) $16.50 in cash, and/or (iii) 0.66 BPY Class A Cumulative Redeemable Perpetual Preferred Units with a liquidation preference of $25.00 per Unit