BAM - BPY agrees to $6.5B offer from Brookfield Asset Management

Brookfield Asset Management (BAM) reaches an agreement with Brookfield Property Partners (BPY) to acquire all of the limited partnership units of BPY that it doesn't already own for $18.17 per unit, representing a total consideration of $6.5B.Each BPY unitholder can choose $18.17 in cash, 0.3979 of a BAM class A share, or 0.7268 of a BPY preferred unit, per BPY share, subject to pro-ration.BPY shares rise 1.2% in premarket trading to $18.00.The offer represents an increase of 10%, including the appreciation of BAM class A shares, over the non-binding proposal made by BAM on Jan. 4, 2021, a 26% premium to BPY's unit price on Dec. 31, 2020 and a 6% premium to the volume-weighted average price of BPY units on the Nasdaq since the announcement was made on Jan. 4.Aggregate consideration mix will be ~50% cash, 42% BAM class A shares, and 8% BPY preferred units.After the approval of the

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BPY agrees to $6.5B offer from Brookfield Asset Management