As previously revealed in March, and posted on The REIT Wire, Brookfield Property Partners LP and GGP Inc. entered into a definitive agreement pursuant to which BPY has agreed to acquire all of the shares of GGP common stock not already owned by BPY and its affiliates through a series of transactions, including, among other things, the payment of a special dividend.
Following the previously recent receipt of the requisite stockholder approval of the transactions and the exchange of all shares of GGP common stock owned by certain affiliates of BPY for series B preferred stock of GGP, GGP revealed that it has declared the Pre-Closing Dividend to the holders of record of GGP common stock as of the end of trading today on the NYSE.
GGP common stockholders entitled to make an election, and who do not wish to be deemed to have made a cash election and an election to receive BPY limited partnership units to the extent such holder is entitled to receive any equity due to proration, will need to make two elections for their shares of GGP common stock, subject to proration: (1) an election to receive cash and/or equity and (2) a further election to receive any equity they are entitled to receive either in the form of class A stock of Brookfield Property REIT Inc. or BPY units. GGP will mail an election form to GGP common stockholders who are entitled to receive the Pre-Closing Dividend for purposes of making their elections. GGP common stockholders must return properly completed election forms by no later than 5:00 p.m. (Eastern Time) on August 21, 2018 for their elections to be valid.
GGP common stock is currently trading, and will continue to trade, on the NYSE with “due bills” attached, through (and including) the payment date for the Pre-Closing Dividend, according to a prepared statement.