Reliance Worldwide, a plumbing products maker, said on the 16th that it supports a roughly $2.9 billion takeover bid from global investment firm Brookfield, as it contends with U.S. tariff measures and economic uncertainty. According to Reliance, Brookfield has decided to switch its takeover proposal to U.S. dollars and has offered a price of $3.38 per share, equivalent to the A$4.75 proposed in August. Brookfield made three takeover proposals in the first half of this year before presenting a fourth offer of A$4.75 per share in August. The two companies have agreed to a "go-shop" clause, rare in Australian deals, which allows Reliance to seek takeover proposals from rival bidders, share due diligence materials and negotiate terms.
Brookfield CorpBrookfield's roughly $2.9 billion takeover bid for Reliance Worldwide is accepted, advancing its M&A deal.
Reliance Worldwide backs Brookfield's $3.38/share (A$4.75) takeover bid, a valuation/M&A event for the company.
