Brookfield bid for Reliance Worldwide clears go-shop hurdle
In short
Brookfield’s $2.53 billion bid for Reliance Worldwide has cleared the deal’s “go shop” hurdle. The company agreed in September to sell all shares to Brookfield Capital Partners and its affiliates for $3.38 each.
This matters because the company can still look for better offers. The reporting does not say whether another bidder has stepped in or when the deal will finish.
What the reporting says
Brookfield’s proposed $2.53 billion bid for Reliance Worldwide cleared the deal’s “go shop” hurdle, according to the reported company transaction. In September, Reliance Worldwide agreed to a scheme implementation deed under which Brookfield Capital Partners and affiliates would buy all shares for $3.38 each. The reporting does not state whether a higher offer has emerged or when the process will close.
Why it matters
Brookfield’s $2.53 billion offer for Reliance Worldwide has moved past the deal’s “go shop” stage, based on the reported scheme implementation deed. The plumbing supplies firm had agreed in September to sell all shares at $3.38 each to Brookfield Capital Partners and affiliates. The immediate implication is that the transaction remains active, but the reporting does not say whether competing bids appeared or what the final timetable is.