10:19:23 EDT Fri 29 Mar 2024
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Brookfield Residential Properties Inc
Symbol BRP
Shares Issued 117,961,391
Close 2014-10-23 C$ 26.14
Market Cap C$ 3,083,510,761
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Post says Brookfield Residential shareholder wants more

2014-10-24 09:36 ET - In the News

Also In the News (C-BAM) Brookfield Asset Management Inc

The Financial Post reports in its Friday edition at least one Brookfield Residential Properties holder wants more from Brookfield Asset Management (BAM). The Post's Barry Critchley, writing in Off the Record, says BAM plans to offer $23 a share for the 36.8 million shares owned by the public (all figures U.S.). Brookfield Properties, which emerged in 2011 from the combination of Carma and Brookfield Homes, will form a special committee to consider the proposal and prepare a valuation. BAM will then try to secure a definitive agreement before making a formal offer. Meantime, investors in Brookfield Residential are not waiting. Trading was busy Thursday: in New York, 4.25 million shares changed hands, almost 27 times normal times the normal volume; in Toronto, about 160,000 shares found new owners. "The offer is way too cheap," said Jeffrey Olin at Vision Capital, a real estate investment firm. Mr. Olin said fair value is in the $32 to $35 range. Mr. Olin said he used the company's own documents to come up with that estimation. Brookfield Residential recently issued a 48-page corporate profile. "It's all in pages 16 to 20," he said. Mr. Olin adds Brookfield Residential's management is "the best in the business."

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