Rouse Properties(RSE) had announced it intended to do a rights offering after its spinoff from General Growth Properties(GGP) was complete. This afternoon, Rouse announced that the offering will be set for the close of business on February 13. Each Right will allow the holder to purchase 0.375094056 shares of stock at a price per share of $15, as previously announced. Brookfield Asset Management(BAM), the company’s largest shareholder, has agreed to purchase any unsubscribed shares, up to the $200 million total. As the company closed today at $13.80, it seems likely that Brookfield will purchase the majority of the shares.
Disclosure: The author owns shares in RSE
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