This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MPG Office Trust, Inc. And Brookfield Office Properties Inc. Announce Satisfaction Of The Principal Closing Conditions For Brookfield’s Acquisition Of MPG

Stocks in this article: BPO MPG

MPG Office Trust, Inc. (NYSE:MPG) and Brookfield Office Properties Inc. (NYSE:BPO) (TSX:BPO) announced today that the principal conditions precedent to Brookfield Office Properties Inc.’s (“BPO”) acquisition of MPG Office Trust, Inc. (“MPG”), including approval of MPG’s common stockholders and the receipt of certain consents from MPG’s lenders, have been satisfied or will be satisfied at the closing. BPO and certain subsidiaries of Brookfield DTLA Holdings LLC, a newly formed fund controlled by BPO (the “DTLA Fund”), also announced today that they are extending their previously announced cash tender offer to purchase all outstanding shares of preferred stock of MPG until 6:00 p.m., New York City time, on Monday, October 14, 2013. Additionally, MPG and BPO also announced today that they expect to close the transaction on October 15, 2013.

BPO previously announced its intention to acquire MPG pursuant to a merger agreement, dated as of April 24, 2013, by and among DTLA Fund, Brookfield DTLA Fund Office Trust Investor Inc., Brookfield DTLA Fund Office Trust Inc., Brookfield DTLA Fund Properties LLC, MPG and MPG Office, L.P.

DTLA Fund Holding Co. and Brookfield DTLA Fund Properties Holding Inc. (together, the “Offerors”), both direct wholly owned subsidiaries of the DTLA Fund, previously commenced an offer to purchase all outstanding shares of 7.625% Series A Cumulative Redeemable Preferred Stock of MPG at a price of $25.00 per share, without interest and less any required withholding taxes, upon the terms and subject to the conditions applicable to the offer described in the tender offer statement on Schedule TO filed on June 14, 2013, as amended from time to time (the “Schedule TO”). Upon the closing of the tender offer, preferred stockholders of MPG will receive $25.00 in cash for each share of MPG preferred stock validly tendered and not validly withdrawn in the offer, with interest and less any required withholding taxes. Shares of MPG preferred stock that are tendered and accepted for payment in the tender offer will not receive any accrued and unpaid dividends on those shares.

BPO and the Offerors announced today that they are extending the tender offer until 6:00 p.m., New York City time, on Monday, October 14, 2013. The tender offer had been previously set to expire at 5:00 p.m., New York City time, on Thursday, October 10, 2013. Except for the extension of the expiration date, all other terms and conditions of the tender offer remain unchanged.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs