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Forest City agrees to be acquired by Brookfield in $11.4B transaction

Published 07/31/2018, 09:10 AM
© Reuters. Forest City agrees to be acquired by Brookfield in $11.4B transaction
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  • Forest City (NYSE:FCE.A) jumps 8% in premarket trading after it agrees to be acquired by Brookfield Asset Management (NYSE:BAM) for $25.35 per share in cash, representing a 26% premium to its June 15 closing price--the day before reports that the two companies were in talks.
  • The transaction is valued at $11.4B, including Forest City's proportionate share of consolidated and unconsolidated debt.
  • The Forest City portfolio includes 6.3m square feet of office space, 2.3m square feet of life science assets, primarily in Cambridge, MA, 2.2m square feet of retail space, and 18,500 multifamily units.
  • Affiliates of Starboard Value LP and Scopia Capital Management, which own 14% of Forest City's outstanding shares in aggregate, agreed to vote their shares in favor of the transaction.
  • Forest City does not expect to pay its regular quarterly dividend during the pendency of the transaction.
  • Source: Press Release
  • Previously: Forest City Realty jumps 14% on reports that talks with Brookfield restart (June 18)
  • Now read: Brookfield Asset Management: Buy This Pullback


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