Monday, June 11, 2007

Brookfield to buy Multiplex for A$7.3 bln

TORONTO, June 11 (Reuters) - Brookfield Asset Management Inc. (BAMa.TO: Quote, Profile , Research) (BAM.N: Quote, Profile , Research) said on Monday it has offered to acquire Multiplex Group's (MXG.AX: Quote, Profile , Research) stapled securities in an all-cash deal with an enterprise value of A$7.3 billion ($6.1 billion).

Brookfield, an asset manager with interests in real estate and power generation, said the offer is to acquire 100 percent of the stapled securities, which comprise the shares of Multiplex Ltd. and units of Multiplex Property Trust, at A$5.05 apiece.

Toronto-based Brookfield has entered agreements with Roberts Family Nominees Ltd., which hold 25.6 percent of Multiplex shares.

The per stapled security price, including a June distribution, represents a 39.2 percent premium to the six-month volume weighted average price for Multiplex shares prior to the announcement of talks with Brookfield and Roberts Family on Jan. 25, Brookfield said.

Multiplex's directors support the deal.

Under the terms of the offer, the minimum acceptance condition is 50.1 percent of Multiplex Group securities and other conditions.

Brookfield has over $26 billion of property assets worldwide. Multiplex Group, which suffered millions of pounds of losses from its Wembley football stadium project in the United Kingdom, has operations also in Australia, New Zealand and the Middle East.

Shares of Brookfield Asset Management were down 1 Canadian cent at C$41.40 midmorning on the Toronto Stock Exchange; the stock was up 7 cents at $39.04 on the New York Stock Exchange.

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