New York and Chicago — GGP Inc. stockholders have approved the proposed takeover by Brookfield Property Partners (BPY), clearing the way for the $9.25 billion acquisition to close.
New York-based Brookfield entered into a definitive agreement to acquire the Chicago-based mall owner in March. Under the terms of the merger, GGP shareholders will receive $23.50 per share in cash, or elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges.
BPY and its affiliates already hold a 34 percent stake in GGP. The deal comprises a cash-to-equity ratio of 61/30, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November.
GGP’s stockholder approval was a condition to the closing of the transaction. BPY’s shareholders had already approved the deal, which the companies expect to be completed by the end of August.