Alstria Office Shares Jump on News of Brookfield Takeover Offer
04 November 2021 - 10:24AM
Dow Jones News
By Sarah Sloat
Shares in Alstria Office REIT-AG jumped Thursday after
Canada-based investment company Brookfield Asset Management Inc.
agreed to make a takeover offer valuing the company at about 3.5
billion euros ($4.06 billion).
Alstria's management and supervisory boards support the takeover
offer and intend to recommend shareholders accept it, subject to a
review of the offer document, Alstria said.
At 0839 GMT, shares in the German real-estate investment trust
company traded 17% higher at EUR19.50, at the per-share price
offered by Brookfield.
In an agreement signed with a company controlled by Brookfield,
the members of Alstria's boards committed to tender their shares,
subject to share ownership guidelines.
Alstria Chief Executive Olivier Elamine said Brookfield shared
the company's views of challenges and opportunities in the market,
which is being transformed by evolving occupier demand and
decarbonization needs.
"There is substantial value for the company to be anchored with
a sophisticated shareholder with a longer-term investment horizon
than public equity usually allows for, notably during a phase of
substantial investment," Mr. Elamine said.
The transaction is expected to close in the first quarter of
2022.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
November 04, 2021 05:09 ET (09:09 GMT)
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