Business · Companies · 2 hrs ago
Reliance Worldwide board backs Brookfield bid after no better offer
Reliance Worldwide's board backs Brookfield's proposed takeover of the Australian company after a period of seeking other buyers ended.
No superior offer emerged during that process.
Brookfield has offered US$3.38 per share, equivalent to A$4.87, to acquire all of Reliance Worldwide’s shares.
Restrictions on seeking or discussing other bids now apply, but the board can still consider a superior proposal under certain exceptions.
Shareholders are expected to receive details in early November and vote in early to mid-December.
If shareholders, a court and regulators approve the deal, completion is targeted for late December 2026.
Reliance Worldwide’s board unanimously reaffirmed its support for Brookfield’s proposed acquisition after its “Go Shop” period ended without a superior offer.
Brookfield has offered US$3.38 per share, equivalent to A$4.87 per share.
The board recommends that shareholders vote in favour of the scheme, subject to no superior proposal emerging and the Independent Expert continuing to support it.
The deal still requires shareholder, court and regulatory approvals.
Reliance Worldwide expects to issue the Scheme Booklet in early November 2026 and hold a shareholder vote in early to mid-December 2026.
- Who
- Reliance Worldwide Corporation and Brookfield Capital Partners.
- What
- Reliance Worldwide’s board reaffirmed its unanimous support for Brookfield’s proposed acquisition after no superior offer emerged.
- When
- The “Go Shop” period had concluded by 18 October 2026.
- Where
- Not stated.
- Why
- No alternative proposal superior to, or capable of becoming superior to, Brookfield’s offer emerged; the board considers the cash offer compelling value.
This story does not have two clearly opposing sides.
Reliance Worldwide announced the “Go Shop” period had concluded without an alternative proposal and its board reaffirmed support for Brookfield’s bid.
Reliance Worldwide expects to issue the Scheme Booklet.
Shareholders are expected to vote on the scheme.
Implementation is targeted, if all conditions and approvals are met.
- Brookfield offer
- US$3.38 per share, equivalent to A$4.87
- Board recommendation
- Unanimously recommends shareholders vote in favour
- Go Shop outcome
- No alternative proposals received
- Scheme Booklet
- Expected in early November 2026
- Shareholder vote
- Expected in early to mid-December 2026
What people are saying
The 'Go Shop' process provided an important opportunity to proactively and comprehensively explore broader buyer interest and to fully market test the Brookfield Transaction, so as to allow shareholders to be fully informed when making their decision on the Transaction.