Brookfield Residential Shareholders Okay Going Private Transaction

(RTTNews) - Brookfield Residential Properties Inc. (BRP, BRP.TO) announced that it has received shareholder approval for the going private transaction pursuant to which 1927726 Ontario Inc., a wholly owned subsidiary of Brookfield Asset Management Inc. (BAM, BAM_A.TO), will acquire all of the issued and outstanding common shares of Brookfield Residential that Brookfield Asset Management Inc. and its affiliates do not already own for cash consideration of US$24.25 per Common Share by way of a plan of arrangement.

At the Meeting, approximately 99.91% of the votes cast by all Brookfield Residential shareholders, and 99.64% of votes cast by Brookfield Residential shareholders other than shareholders whose votes were required to be excluded for the purposes of "minority approval" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, were voted in favour of the Arrangement.

The closing of the Arrangement is subject to the satisfaction of certain other closing conditions customary in a transaction of this nature, including the final court order. Assuming that these conditions are satisfied, it is expected that the closing of the Arrangement will be completed prior to the end of March 2015.

In December 2014, Canadian property owner Brookfield Asset Management Inc. agreed to take Brookfield Residential Properties Inc. private in a deal valued at about $871 million.