Brookfield bids A$400 million for Australia property firm Thakral

Fri Apr 20, 2012 1:48pm EDT
 
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TORONTO (Reuters) - Brookfield Asset Management has made a A$400 million ($414.9 million) unsolicited takeover offer for Australian property manager Thakral Holdings Group, which operates hotels and resorts along the country's east coast.

Toronto-based Brookfield, which manages about C$150 billion ($151.37 billion) in assets, is offering 70 Australian cents in cash for each Thakral share, 20.7 percent above the stock's Thursday closing price, and a 30.8 percent premium to its Wednesday close.

Thakral's shares rose 16.5 percent to 74.5 Australian cents on Friday after details of the deal were posted on the Australian Securities Exchange website.

Thakral has total assets of about A$1.1 billion in hotels and residential and retail properties.

Brookfield shares were up 1 Canadian cent at C$32.15 on the Toronto Stock Exchange on Friday afternoon.

(Reporting By Cameron French; Editing by Peter Galloway)