Brookfield shares go under the hamper.Brookfield Homes Corporation commenced its Dutch auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. tender offer for up to 5,000,000 shares of its outstanding common stock, at prices ranging from $15.5 to $18.5 per share, for a total of $78 million to $93 million if the maximum number of shares are repurchased. Brascan Corporation, the major stockholder of Brookfield Homes, has indicated that it intends to tender up to an equivalent number of shares as the aggregate number of shares tendered by other stockholders, and at the purchase price determined by the tender offer. The tender offer expires at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on September 24, 2003. If the number of shares tendered is greater than the number sought, the company will select the lowest price within the stated range that will allow it to buy 5,000,000 shares, with purchases generally to be made on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis. The company reserves the right to increase the number of shares purchased. The closing price per share on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on the last trading day Last Trading Day The final day that a futures or options contract may trade or be closed out before delivery of the underlying asset must occur. Notes: If the buying and selling parties do not arrange an alternate agreement, the physical commodity must be delivered from prior to the announcement, was $16.75. |
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