Brookfield Asset Management’s acquisition of Forest City Realty Trust could happen after all.
The real estate investment trust is talking to Brookfield about a sale for $25 to $25.50 per share, Bloomberg reported. A mere three months ago, Forest City rejected a takeover offer of $25 per share from Brookfield and declared it would remain an independent company.
“The board concluded that stockholder value would be better enhanced on a standalone basis and that the conditional requirements specified by the counter party in the March 13 proposal created more uncertainty around a potential transaction than the board was prepared to accept,” Forest City’s James Ratner and Scott Cowen said in a statement at the time.
Forest City lost its former New York head MaryAnne Gilmartin in January and has gradually shifted its strategy away from ground-up development. [Bloomberg] — Konrad Putzier