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BPY

Brookfield Property

$19.13

0.03 (0.16%)

19:23
08/13/19
08/13
19:23
08/13/19
19:23

Aveo Group to be acquired by Brookfield Property for A$2.195 per share

Aveo Group announces that it has entered into a Scheme Implementation Deed with Hydra RL BidCo Pty Ltd and Hydra RL TopCo Pty Ltd, entities controlled by Brookfield Property Group on behalf of its managed funds, under which BidCo undertakes to acquire 100% of the outstanding securities of Aveo by way of a trust scheme and a company scheme of arrangement for consideration representing total value of A$2.195 per security. Under the terms of the Scheme, if implemented, Aveo securityholders will be entitled to receive total cash of $2.195 per security. A conditional scrip consideration alternative is also available which provides Aveo securityholders with the potential to participate in a "stub equity" vehicle which would give them future exposure to Aveo. The Cash Consideration represents a c.28% premium to Aveo's undisturbed closing security price of $1.71 on 12 February 2019 being the last undisturbed closing security price prior to Aveo updating the market on 13 February 2019 that it had received a number of indicative non-binding bids from parties interested in a whole of company transaction as part of Aveo's strategic review. The Cash Consideration represents an acquisition multiple of c.29x FY19A EV / Unaudited EBITDA. The Brookfield Transaction is subject to a limited number of conditions and is not subject to financing or due diligence. Based on the Cash Consideration, the full Aveo Board of Directors unanimously recommends that Aveo securityholders vote in favour of the Scheme in the absence of a superior proposal, subject to an Independent Expert concluding that the Scheme is in the best interests of Aveo securityholders. Aveo intends to send a Scheme Booklet to Aveo securityholders in early October 2019. The Scheme Booklet will contain information relating to the Scheme. The Scheme Booklet will also contain an Independent Expert's Report providing an assessment as to whether the Scheme is in the best interests of Aveo securityholders. The Scheme meetings are expected to be held in late October 2019, and, if approved, the Scheme would be implemented this calendar year.

  • 14

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BPY Brookfield Property
$19.13

0.03 (0.16%)

01/02/19
RBCM
01/02/19
UPGRADE
RBCM
Top Pick
Brookfield Property upgraded to Top Pick from Outperform at RBC Capital
05/07/19
RBCM
05/07/19
DOWNGRADE
RBCM
Outperform
Brookfield Property downgraded to Outperform from Top Pick at RBC Capital
08/07/19
CIBC
08/07/19
INITIATION
Target $25
CIBC
Outperformer
Brookfield Property initiated with an Outperformer at CIBC
CIBC analyst Dean Wilkinson initiated Brookfield Property with an Outperformer rating and $25 price target, citing what he sees as its above-average growth runway, sustainable and above-average yield, and "sector-leading" liquidity. Wilkinson said there is little indication that high-quality malls in the U.S., which represent the vast majority of Brookfield Property 's retail assets, are seeing a significant deterioration in operating metrics.
08/07/19
08/07/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Bilibili (BILI) initiated with a Buy at Goldman Sachs. 2. Waste Connections (WCN) was initiated with an Overweight at JPMorgan, while Waste Management (WM) and Republic Services (RSG) were initiated with a Neutral. 3. Neurocrine (NBIX) initiated with an Outperform at RBC Capital. 4. Brookfield Property (BPY) initiated with an Outperformer at CIBC. 5. Dropbox (DBX) initiated with an Underperform at Bernstein. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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AAPL

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RM

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RTN

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