Brookfield Property Partners offers almost $15B to buy remaining GGP stocks

Brookfield Renewable Energy Partners LP

GGP Inc. said Monday that it received an unsolicited proposal from Brookfield Property Partners LP on Saturday. Short interest grew 25,877 over that timeframe.

The combined company would own assets worth about $100 billion, Brookfield said, giving the asset manager access to more so-called class A retail spaces in urban centers.

A number of other equities analysts have also weighed in on the company. The value of the investment in Brookfield Property Partners L went from $62,262,000 to $68,922,000 a change of 10.7% quarter over quarter. As of quarter end Scotia Capital Inc. had acquired 121,505 shares growing its stake by 4.3%. Finally, Bollard Group LLC grew its position in shares of Brookfield Infrastructure Partners by 1.0% during the 2nd quarter. Public Sector Pension Investment Board controls 629,100 shares with a value of $20,030,000.

Brookfield said its cash proposal represents a 21-per-cent premium over GGP's November 6 closing price of $19.01, the day before news of the going-private transaction became public. Arthur M. Cohen & Associates LLC now owns 475,801 shares of the utilities provider's stock worth $11,557,000 after acquiring an additional 464,244 shares during the period. Earlier this year, the company took Brookfield Canada Office Properties private in a deal that was achieved after Brookfield Property sweetened the offer. Hedge funds and other institutional investors own 63.24% of the company's stock.

WARNING: This story was first posted by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this report on another website, it was stolen and reposted in violation of USA & worldwide copyright laws. The original version of this article can be viewed at https://baseballnewssource.com/markets/zacks-investment-research-lowers-brookfield-infrastructure-partners-lp-bip-to-hold/1763802.html. Finally, Principal Financial Group Inc. increased its holdings in Brookfield Infrastructure Partners by 5.3% during the 3rd quarter.

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Shares of Brookfield Infrastructure Partners (NYSE BIP) opened at $43.47 on Tuesday. The company discussed a premium of almost 10% to 15% over the share price of GGP during the starting week of November this year till both the firms reached a consensus on the offer of Dollars 23 per share to the GGP. The stock has a market cap of $12,018.33, a PE ratio of 161.00, a price-to-earnings-growth ratio of 1.26 and a beta of 1.06. The company has a quick ratio of 0.07, a current ratio of 0.23 and a debt-to-equity ratio of 0.61. Brookfield Property Partners L.P. has a 12 month low of $20.31 and a 12 month high of $24.96.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Wednesday, November 29th. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Zacks Investment Research cut shares of Brookfield Infrastructure Partners LP (NYSE:BIP) (TSE:BIP.UN) from a buy rating to a hold rating in a report issued on Tuesday.

Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy and communications infrastructure businesses in North and South America, Europe and Asia Pacific.

Scotiabank raised the price target of the stock on November 6 changing the forecast from $25.25 to $25.50 and issued a "Outperform" rating.

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