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BAM - Brookfield Property: Brothers In Arms Arbitrage In Peace Rinse And Repeat
Brookfield Asset Management Inc.
Background
On March 26th 2018, Brookfield Property Partners L.P. (BPY; TSX:BPY.UN) agreed to buy all outstanding shares of GGP Inc. (GGP) tat wer'e already held (at the time) by BPY and its affiliates.
GGP shareholders could elect to receive (in exchange for each GGP share they were holding at the time) either $23.50 in cash, or either i) one BPY unit, or ii) one share of a newly created US REIT, that's Brookfield Property REIT Inc. (BPR), subject to proration, for an aggregate cash / equity consideration ratio of ~60%/40%.