Brookfield clears go-shop phase, moves forward with $2.53 bn Reliance takeover

Reliance Worldwide announced that the go-shop window, an unusual provision in Australian transactions that permits a target firm to seek competing bids, ended without any challenger emerging. The plumbing supplies company had previously signed a scheme implementation deed committing to sell all shares to Brookfield Capital Partners and its affiliates for $3.38 per share, a price that values the business at $2.53 bn. Investors may elect to be paid in either US dollars or Australian dollars upon completion.

With the go-shop concluded, the customary no-shop, no-talk and no-due-diligence clauses have taken effect. The board, having voted unanimously, again recommends that shareholders support the acquisition in the absence of a superior offer.