Australian developer Multiplex has agreed to yesterday’s $6.1bn takeover bid from Canadian property manager Brookfield Asset Management.
The Roberts Family Nominees, which holds about 26% in the company founded by the late John Roberts, has agreed to Brookfield’s cash offer of A$5.05 per share, Multiplex said in a statement this morning. The board has also agreed to the offer.
“Multiplex welcomes Brookfield as a significant Multiplex securityholder,” the company said.
Andrew and Tim Roberts have resigned from the board and their executive posts, and Bob McKinnon and Ross McDiven from Brookfield have joined as executives, the statement said.
Multiplex said security holders in the company will receive and estimated distribution of A$0.10 per security.
Under the offer’s terms, Brookfield needs to acquire more than 50 percent of Multiplex’s shares to succeed.
Brookfield already holds about 4.2 percent of Multiplex’s stock.
In the UK, Multiplex has a development pipeline worth around £3.5bn at gross developed value.
Projects include a major regeneration scheme in Cricklewood in partnership with Hammersno, a £600m retail project in Newcastle city centre, and a £120m residential tower in Elephant & Castle, London.
