GLOBAL - Rodamco North America (RNA) has admitted defeat in its bid to fend off a hostile takeover by the Australian property group Westfield.
RNA - which had fought a bitter public battle with Westfield over the takeover - finally gave in after the Australian firm and the US based real estate investment trusts Simon Property and the Rouse Company, made a combined bid of approximately EUR6bn for all of its assets.
The decision to accept the takeover bid brings an end to hostilities between Westfield and RNA, which had resulted in legal action being taken against both firms and Dutch pension giant ABP. The wrangling started back in August when ABP sold a 23.9% stake in RNA to Westfield.
Under the terms of the deal Westfield, Simon and Rouse will acquire all of RNA's real estate assets and related businesses for EUR2.48bn in cash and the assumption of EUR3.49bn of liabilities. The deal values RNA at EUR55 a share, and the firm anticipates holding a shareholder meeting within a month to approve the deal.
Subject to the successful closing of sale all parties have agreed to halt legal proceedings. RNA expects the deal to be complete with 90 days.
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