NEW YORK CITY—The board of shopping center REIT RouseProperties Inc. has established a special committeeto evaluate an unsolicited acquisition bid from BrookfieldAsset Management. Toronto-based BAM offered this pastSaturday to buy the remaining two-thirds of RSE's common stock thatBAM and its affiliates don't already own for $17 per share, orapproximately US$657 million.

RSE's board has also hired BofA Merrill Lynchas its financial advisor and Sidley Austin LLP aslegal counsel in connection with the BAM offer. TheREIT, which was spun off from GeneralGrowth Properties in 2012 after GGP emerged frombankruptcy, has entered into a standstill agreement with BAM onacquiring any additional RSE stock between now and March 4.

"Our offer provides an attractive opportunity for Rouseshareholders to realize a significant premium to recent publicmarket pricing," says Brian Kingston, CEO ofBrookfield Property Group. The $17/share offerrepresents a 26% premium on RSE's closing price this past Fridayand would value RSE at more than $1 billion; however, shares hadrisen to $17.56 as of 12:30 Tuesday afternoon. Bloomberg Businessreported Tuesday that the REIT's shares had fallen by about 32%over the preceding 12 months.