Rodamco North America’s shareholders today approved the Dutch company’s plans to sells its assets to Westfield, Simon Property Group and The Rouse Co.
According to wire reports, at an extraordinary shareholder meeting in Rotterdam this morning, 88% of the Rodamco North America (RNA) shareholders present gave the green light to the takeover. A two-thirds majority was required.
A Dutch court had cancelled a scheduled Feb. 26 shareholder meeting on the deal after 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-profile regional malls across the country.
-- Staff and wire reports
Dutch court says Rodamco shareholders can vote on deal, Mar 19, 2002
Analysts: 'Actions of Dutch court no real threat to Rodamco deal' , Feb, 26, 2002
Simon, Rouse and Westfield to buy Rodamco’s North American assets for $5.1 billion, Jan 14, 2002