Rodamco North America’s shareholders have approved the Dutch company’s plans to sell its assets to Westfield, SimonGroup and The Rouse Co.
According to wire reports, 88% of the Rodamco North America (RNA) shareholders present at a shareholder meeting in Rotterdam March 25 gave the takeover a green light. A two-thirds majority was required.
A Dutch court had cancelled a scheduled Feb. 26 shareholder meeting on theafter an activist shareholder group lodged complaints of mismanagement against RNA’s board.
Analysts and the REITs themselves had said the shareholder "nuisance suit" posed no threat to the $5.1 billion bid. The transaction, which has now been approved by shareholders for all parties involved, includes 35 high-profilemalls across the country.