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US COURT TO RULE ON TAUBMAN BID BY WESTFIELD AMERICA TRUST.
SYDNEY, April 1 Asia Pulse - A key court judgement will decide the outcome of a joint hostile takeover bid by Westfield America Trust (ASX:WFA) for Michigan-based Taubman Centers Inc.
Westfield and and its joint bidder Simon Property Group have also unveiled board nominees to seek election to the Taubman board at an annual meeting scheduled to be held in May.
The Taubman family, which owns approximately 31 per cent of the company which is valued at around $US4 billion.
The family has 31 per cent of the voting rights, has rejected the $US20 per share all-cash offer for Taubman ordinary shares.
Westfield America Trust chairman Frank Lowy said today the bid was subject to the judgement of a US-based court hearing.
"The court decision in the next few days will give us some idea of what the legalities are," Mr Lowy said.
"The hearing was closed a few days ago and the judgement will be made in a few days time and meanwhile we are proposing new independent directors to be elected to the board.
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Source: HighBeam Research, US COURT TO RULE ON TAUBMAN BID BY WESTFIELD AMERICA TRUST.