Brookfield Loses Appeal Over $9 Billion GGP Take-Private Buyout

A Brookfield Asset Management Inc. affiliate must face a revived challenge to its $9 billion take-private acquisition of GGP Inc., Delaware’s top court ruled Tuesday, saying GGP investors may have been duped into giving up their right to have a judge set the deal price.

The state’s justices reinstated fiduciary breach claims against GGP’s board and related allegations against the Brookfield unit. It’s plausible misrepresentations about the deal structure tricked investors into participating by persuading them they could only challenge a tiny portion of it, the court said.

Justice Gary F. Traynor, writing for a divided state Supreme Court, ...