Westfield Corporation announced that ASIC has registered the Securityholder Booklet regarding the proposed acquisition by Unibail-Rodamco of Westfield Corporation to create one of the world’s premier developers and operators of flagship shopping destinations.
Under the terms of the transaction, Westfield securityholders will receive a combination of cash and stapled shares in the new group1 . If the transaction is approved, Westfield securityholders will hold approximately 28% of the stapled shares in this new group and will be able to trade those securities on the ASX in the form of CDIs2 , as well as on Euronext Paris and Euronext Amsterdam in the form of stapled shares.
Westfield Directors unanimously recommend that Westfield securityholders vote in favour of the transaction, in the absence of a superior proposal.
The Westfield Board appointed Grant Samuel & Associates as Independent Expert to undertake an independent assessment of the transaction. The Independent Expert has concluded that the transaction is in the best interests of Westfield securityholders, in the absence of a superior proposal.
The Lowy family has agreed to vote in favour of the transaction in the absence of the Westfield Board recommending a superior proposal and subject to the Independent Expert continuing to conclude that the transaction is in the best interests of Westfield securityholders.
The Lowy family is committed to the success of the new group and intends to maintain a substantial investment in the group.
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