LXP Shareholders Back Brookfield/CPP Takeover With Over 99% of Votes
BAM is trading near its 52-week low of $42.2 (11% above the low).
Summary
LXP Industrial Trust shareholders approved the acquisition by Brookfield and CPP Investments, with more than 99% of votes cast in favor. The lopsided margin clears the main shareholder hurdle for the deal, leaving regulatory and closing conditions as the remaining steps. For Brookfield, this is a modest bolt-on to a real estate platform that already spans hundreds of billions in fee-bearing capital, so the vote is a procedural milestone rather than a thesis change. LXP is the more directly affected party since its shares will convert on closing. No deal terms or closing date were disclosed in this release.
At the time of this announcement, BAM was trading at $47.04 on NYSE in the Finance sector, with a market capitalization of approximately $77.1B. The 52-week trading range was $42.20 to $56.37. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.