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Report: Forest City Realty Trust back to negotiating table with Brookfield

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Report: Forest City Realty Trust back to negotiating table with Brookfield

Forest City Realty Trust Inc. is again in discussions for a potential deal with Brookfield Asset Management Inc., about three months after the diversified real estate investment trust decided to remain a stand-alone entity, Bloomberg News reported, citing unnamed sources.

The REIT's stock jumped about 12.33% to $22.50 per share as of the afternoon of June 18, according to S&P Global Market Intelligence data.

The per-share price being negotiated reportedly is near the proposed $25-to-$25.50 range in the discussions that collapsed in March. Talks are ongoing and the terms might still change with no assurance of a deal, the sources told the news outlet.

Forest City disclosed in March that it had entered into confidentiality agreements with 18 interested buyers. Brookfield was said to be among those bidders, making a nonbinding proposal to acquire the REIT for $26 per share, which was later revised and ultimately rejected, Bloomberg reported, citing the sources. The asset manager was first reported in January to be in talks to buy out the REIT.

The REIT decided to reject a $25-per-share offer, which carried a number of conditions, arguing at the time that it would have backed a $25.50-per-share all-cash deal with dividends paid until closing and without conditions regarding third-party consents or the need for an internal reorganization.

Neither representatives for Brookfield nor Forest City commented on the matter, according to the report.