Westfield Takeover by Unibail-Rodamco Looks a Good Deal; FVE Raised to AUD 10
Unibail-Rodamco’s offer to acquire Westfield Corporation for AUD 10.01 per share looks like a good outcome for investors, with the offer price representing an 18% premium to the last close and a 15% premium to our previous fair value estimate of AUD 8.70. Westfield shares dropped and stayed below AUD 10 since early September 2016 and have traded as low as AUD 7.30, then staged a recovery over the past month on the back of a series of takeover proposals in the sector. The transaction has the supp...Westfield is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its U.S. and U.K. portfolio. Co.'s operational segment comprises the property investment and the property and project management segments. Property investments segment includes activities related to existing shopping centres and completed developments. Property and project management segment includes property management and development for third parties.
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