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GlobeSt.com UPDATE: $2B O&Y Buyout Nears Completion

TORONTO-A group of investors including BPO Properties Ltd., the Canada Pension Plan Investment Board and Arca Investments, acquires all the issued and outstanding common shares of O&Y Properties for C$12.72 per share in cash, and expects to acquire all limited voting units of O&Y REIT by the end of next month.

By Brian K. Miller | Updated on October 23, 2005

TORONTO-The once-failed $1.67-billion (C$2-billion) acquisition of O&Y Properties and O&Y REIT is nearing completion. With the Canada Pension Plan Investment Board and Arca Investments, the Canada-based subsidiary of publicly held Brookfield Properties Corp. has acquired all the issued and outstanding common shares of O&Y Properties for $10.65 (C$12.72) apiece.

The group, known as Brookfield Consortium, also has taken up 86.6% of the outstanding limited voting units of O&Y REIT(not including those already owned by O&Y Properties), which will be voted in favor of the subsequent $13.59 (C$16.25) per unit acquisition transaction in late November, thereby ensuring that it will be approved.

The change from the original agreement is that the transaction relating to O&Y REIT is now proceeding by way of a take-over bid instead of an acquisition of assets and redemption of units. The acquisition of O&Y Properties, largely unchanged from the original deal, was conditional on approval of the transaction by 66 2/3% of O&Y Properties’ shareholders who voted at a special meeting of shareholders this month.

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