Rodamco North America’s shareholders today approved the Dutch company’s plans to sells its assets to Westfield, SimonGroup 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 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.
-- Staff and wire reports