Brookfield Asset Proposes To Buy 30% Of Brookfield Residential Properties

(RTTNews) - Brookfield Asset Management Inc. (BAM, BAM_A.TO) has made a proposal to Brookfield Residential Properties Inc. (BRP.TO, BRP) to acquire the approximately 30% of common shares of Brookfield Residential that it does not own for $23.00 cash a share. The proposed price represents nearly 20% premium to both yesterday's closing price and the 30-day volume-weighted average price of Brookfield Residential shares on the New York Stock Exchange and Toronto Stock Exchange.

Brookfield Asset Management has presented its proposal to Brookfield Residential's board and has asked the board to start a process to review the proposal and appoint a special committee of independent directors to commission an independent valuation of Brookfield Residential's shares. Once the valuation is available, Brookfield Asset Management would seek to enter into a definitive agreement with Brookfield Residential with respect to the proposed transaction for presentation to shareholders.

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities.