BPY Ups Its Offer for Brookfield Office

HAMILTON, BERMUDA-Brookfield Property Partners LP on Friday said it had increased the cash offer portion of its proposal to buy the 49% of common stock in Brookfield Office Properties that it doesn’t already own. The increase of $1 per share bumps up the size of the deal from $5 billion to $5.1 billion. Separately, BPO’s board announced on Friday that it recommended the revised offer to shareholders.

“We are pleased to have the support of the BPO independent directors for the revised offer,” says Ric Clark, BPY’s CEO. “We believe that the offer is an attractive value proposition for BPO shareholders, and we look forward to BPO shareholders exchanging their common shares for an interest in our flagship global property company.”