Brookfield Property Raises Proposed Offer To Buy Brookfield Office Properties

(RTTNews) - Commercial real estate owner Brookfield Property Partners L.P. (BPY, BPY_UN.TO) reported increasing the offer price regarding its proposal to acquire any or all of the common shares of Brookfield Office Properties Inc. or "BPO" (BPO, BPO.TO) that it does not currently own by raising the cash portion of the consideration by $1 a share to $20.34 a share of BPO, while all other offer details remaining unchanged.

As part of the revised offer, each BPO shareholder can elect to receive consideration per BPO share of either 1.0 limited partnership unit of Brookfield Property Partners or $20.34 cash, subject in each case to pro-ration based on a maximum number of BPY limited partnership units and maximum cash consideration equating to 67% and 33%, respectively, of the total number of BPO common shares that are subject to the Offer. BPO shareholders who receive limited partnership units should be able to do so on a tax-deferred basis.

The cash portion of the consideration was improved following talks with the Independent Committee of BPO, and the Independent Committee has notified Brookfield Property Partners that, based on the recommendation of the Independent Committee, the board of BPO intends to unanimously urge that BPO shareholders accept the revised offer.