Company: BBU
Filing Date: 2025-03-10
Form Type: 424B3
Source: 0001104659-25-022184
Chunk: 22

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 22
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UC would be obligated to deliver following an exchange request as set forth in the preceding sentence will be issued by the partnership to BBUC, and BBUC in turn will deliver such units to such holder. As described in the next paragraph, the partnership may also elect to satisfy such exchange request by issuing units or paying cash directly to the tendering holder of exchangeable shares. Upon completion of the exchange of any exchangeable shares as described herein, the holder of exchangeable shares who has exchanged their exchangeable shares will have no further right, with respect to any exchangeable shares so exchanged, to receive any dividends on exchangeable shares with a record date on or after the date on which such exchangeable shares are exchanged.

In lieu of BBUC delivering units or paying cash as described in the preceding paragraph, the partnership, in its sole discretion, may elect to satisfy BBUC’s exchange obligation by acquiring all of the tendered exchangeable shares in exchange for issuing directly to such tendering holder one unit per exchangeable share held (subject to adjustment in the event of certain dilutive or other capital events by BBUC or the partnership as described below in “— Adjustments to Reflect Certain Capital Events ”) or delivering its cash equivalent based on the NYSE closing price of one unit on the date that the request for exchange is received by BBUC’s transfer agent (or if not a trading day, the next trading day thereafter) (the form of payment to be determined at the sole election of the partnership), plus, in each case, a cash amount for each tendered exchangeable share

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equal to any unpaid dividends per tendered exchangeable share. If the partnership elects to satisfy BBUC’s exchange obligation directly (in lieu of BBUC delivering units or cash as described above), it shall, within three (3) business days from the receipt of the holder’s notice of exchange, provide written notice to BBUC and BBUC’s transfer agent of its intention to satisfy the exchange obligation and shall satisfy such obligation within ten (10) business days from the date that the notice of exchange is received by BBUC’s transfer agent by delivering to such holder of exchangeable shares the units or its cash equivalent. Our unitholders are not entitled to vote on the partnership’s exercise of the overriding call right described in the preceding sentences. The partnership currently intends to satisfy any exchange, redemption or acquisition of exchangeable shares through the delivery of units rather than cash.

In the event that a tender