History
Brookfield Multiplex was founded as Multiplex in 1962 in Perth, Western Australia by John Roberts. It went on to build many large projects such as King Street Wharf in Sydney and Wembley Stadium.
In December 2003, it listed on the Australian Stock Exchange with the code of MXG, raising a total of A$1.2 billion.
Multiplex announced in late November 2006 that it planned to create a European real-estate fund to increase profits. Multiplex posted a preliminary financial report on 22 February 2007 which announced the group's net profit of A$295.6 million.
In January 2007 Multiplex faced a takeover bid which caused its share price to jump 17%. The A$4.03 billion proposal was never formally made and the potential bidder remained anonymous.
On 11 June 2007, Brookfield Asset Management proposed an acquisition of Multiplex which valued the company at approximately A$7.3 billion. The offer to shareholders of $5.05 per security was supported by the Multiplex board of directors, including the Roberts family, who sold their 26% ownership of Multiplex to Brookfield. The offer also proved popular with investors, with Brookfield rapidly acquiring 90% ownership of the company by 31 October 2007.
Brookfield acquired the remaining 10% of Multiplex securities and delisted the company from the ASX in November 2007. Brookfield published a statement to the ASX outlining its intentions following the acquisition of Multiplex.
Read more about this topic: Brookfield Multiplex
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