Brookfield Properties Withdraws Going Private Transaction With BPO Properties
June 17, 2003
New York, June 17, 2003 - Brookfield Properties Corporation (BPO: NYSE, TSX) today announced that it has withdrawn its proposal to enter into a Going Private Transaction with BPO Properties Ltd. (BPP: TSX) previously announced on April 28, 2003. In withdrawing the offer, Brookfield stated that in light of the lack of support from enough minority shareholders, it did not wish to proceed with the transaction.
As a result, BPO Properties today announced that, in order to provide liquidity for those shareholders who wished to tender to the offer, it will resume purchasing its own shares under its Normal Course Issuer Bid if shares are available at acceptable prices.
BPO Properties also announced that given these developments, Brookfield's offer will not be considered at BPO Properties shareholders' meeting being held tomorrow.
Brookfield Properties Corporation, with a stock market value of $9 billion in assets, owns, develops and manages premier North American office properties. The Brookfield portfolio comprises 50 commercial properties and development sites totaling 46 million square feet, including landmark assets such as the World Financial Center in New York and BCE Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties Web site at www.brookfieldproperties.com.
BPO Properties Ltd. is a Canadian real estate investment company focused on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of Company's objective is to realize superior financial returns for its shareholders by enhancing the value of its real estate assets and by making opportunistic investment in new assets. BPO Properties common shares trade on the TSX under the symbol BPP. Further information about the company can be found at www.bpoproperties.com.
Contact: Steven J. Douglas, Chief Financial Officer, Tel: (416) 359-8646; email: sdouglas@brookfieldproperties.com
Contact:
Melissa Coley, Vice President, Investor Relations & Communications
Email: mcoley@bpoproperties.com
Tel: (416) 359-8593
Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, local real estate conditions, timely re-leasing of occupied square footage upon expiration, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
© 2008 BPO Properties Ltd. All rights reserved.
June 17, 2003
New York, June 17, 2003 - Brookfield Properties Corporation (BPO: NYSE, TSX) today announced that it has withdrawn its proposal to enter into a Going Private Transaction with BPO Properties Ltd. (BPP: TSX) previously announced on April 28, 2003. In withdrawing the offer, Brookfield stated that in light of the lack of support from enough minority shareholders, it did not wish to proceed with the transaction.
As a result, BPO Properties today announced that, in order to provide liquidity for those shareholders who wished to tender to the offer, it will resume purchasing its own shares under its Normal Course Issuer Bid if shares are available at acceptable prices.
BPO Properties also announced that given these developments, Brookfield's offer will not be considered at BPO Properties shareholders' meeting being held tomorrow.
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Brookfield Properties Corporation, with a stock market value of $9 billion in assets, owns, develops and manages premier North American office properties. The Brookfield portfolio comprises 50 commercial properties and development sites totaling 46 million square feet, including landmark assets such as the World Financial Center in New York and BCE Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties Web site at www.brookfieldproperties.com.
BPO Properties Ltd. is a Canadian real estate investment company focused on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of Company's objective is to realize superior financial returns for its shareholders by enhancing the value of its real estate assets and by making opportunistic investment in new assets. BPO Properties common shares trade on the TSX under the symbol BPP. Further information about the company can be found at www.bpoproperties.com.
Contact: Steven J. Douglas, Chief Financial Officer, Tel: (416) 359-8646; email: sdouglas@brookfieldproperties.com
Contact:
Melissa Coley, Vice President, Investor Relations & Communications
Email: mcoley@bpoproperties.com
Tel: (416) 359-8593
* * *
Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, local real estate conditions, timely re-leasing of occupied square footage upon expiration, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
© 2008 BPO Properties Ltd. All rights reserved.
