Published: 11 October 2005
A new arrangement for the sale of $2 billion Canadian property company O&Y Properties Corp has been approved by shareholders, replacing a deal which fell over in July.
Brookfield Properties Corp & its Canadian-based subsidiary, BPO Properties Ltd, said their bidding consortium would pay $C12.72/share for the company, but the deal still required the consortium to get more than 50% of the O&Y Reit units not owned by O&Y Properties Corp.
O&Y Properties owns 42% of the reit. The reit owners defeated the July sale when they rejected $C15.50/unit. This time they’ve been offered $C16.25/unit and institutional unitholders representing 36% of the non-O&Y Properties units have agreed to support the proposal.
6 June 2005: O&Y chief gets his $C2 billion wish17 February 2005: Reichmann puts Canadian property giant O&Y on the block