Rouse Properties Confirms Unsolicited Offer From Brookfield Asset Management

(RTTNews) - Real estate investment trust Rouse Properties, Inc. (RSE) said that its board of directors has received an unsolicited, non-binding proposal from Brookfield Asset Management Inc. (BAM, BAM-A.TO), on behalf of a real estate fund managed by Brookfield. The offer is to acquire all the outstanding shares of the company's common stock for a purchase price of $17.00 per share in cash.

The proposal is for all the shares, other than those shares currently held by Brookfield Property Partners (BPY_UN.TO, BPY) and its affiliates, together the beneficial owners of about 33 percent of the company's outstanding common stock.

Later that day, Rouse Properties' Board of Directors met and established a special committee. At the request of the Special Committee, Brookfield entered into a standstill agreement with the company on January 18, 2016.

Rouse Properties' will file the standstill agreement with Brookfield on a current report on Form 8-K with the Securities and Exchange Commission.