Brookfield made an off-market cash bid to buy all the outstanding stock for 70 Australian cents a share, a 31 percent premium to yesterday’s closing price, according to a statement from Sydney-based Thakral to the Australian stock exchange.
Thakral shares jumped 8.4 percent to 58 cents at the close of trading in Sydney, the most since Jan. 18.
Brookfield, a Toronto-based asset manager overseeing about $150 billion of assets, in 2010 split its property subsidiary into separate residential and commercial companies, with Brookfield Office Properties Inc. (BPO) buying 16 Australian buildings from its parent for $1.4 billion. Brookfield Multiplex, the company’s Australian subsidiary, last year sought to buy Thakral’s Wynyard Center in central Sydney, valued at A$220 million, the Australian Financial Review reported in May 2011.
Thakral, which tried to sell the Wynyard property last year, said it hadn’t received any expressions of interest that it deemed acceptable. Its proposal to develop the site into a new office tower and retail space was referred to the New South Wales state Planning Assessment Commission, it said in February.
Brookfield’s offer is conditional, and has been made before detailed negotiations with the independent directors of Thakral, Brookfield said. The offer price excludes any dividend paid or declared by Thakral after the announcement, it said.
To contact the reporter on this story: Nichola Saminather in Sydney at firstname.lastname@example.org
To contact the editor responsible for this story: Andreea Papuc at email@example.com