Global property, power and infrastructure fund manager Brookfield Asset Management has today submitted its widely anticipated offer for Australian developer Multiplex.
The A$7.3bn (£3.1bn) all-cash offer from Brookfield reflects a price of A$5.05 a share and includes 100% of the developer, contractor and fund manager’s shares.
The directors of the Australian group said they were in favour of the offer and indicated that “subject only to receiving an independent expert report that concludes that the offer is both fair and reasonable and there being no superior offer” they would recommend it to shareholders.
New York and Toronto-listed Brookfield already holds around 4.2% of Multiplex shares.
Jeff Blidner, managing partner at Brookfield, said Brookfield has entered into arrangements with the Roberts family for its 25.6% holdings in Multiplex – the company the family founded.
The Roberts family will receive the same price for its shares as is being offered to other Multiplex shareholders.
Blidner added: “”This proposal is the product of a considered and constructive dialogue with the Multiplex Board and the result, we believe, is a compelling offer which is in the best interests of all securityholders.”
