The offer implied a value of about A$4.87 per share based on the prevailing exchange rate on October 16 (Photo: Reuters)
Reliance Worldwide said on Monday that no rival bidder emerged during the "go shop" process under Brookfield's proposed acquisition of the Australian firm, prompting the board to reaffirm its unanimous recommendation for shareholders to back the deal.
The plumbing supplies firm agreed in September to a scheme implementation deed under which Brookfield Capital Partners and its affiliates would acquire all of Reliance Worldwide's shares for US$3.38 apiece in cash, valuing the firm at $2.53 billion.
The offer implied a value of about A$4.87 per share based on the prevailing exchange rate on October 16.
Investors can choose to be paid in US dollars or Australian dollars if the deal proceeds and is approved by shareholders, Reliance said last month.