Rodamco Shareholders OK Takeover Offer
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Shareholders of Rodamco North America, the fourth-largest U.S. shopping mall owner, accepted a $5.3-billion takeover offer, dismissing complaints that the bid was too low and that the company’s executives had mismanaged events leading up to the offer.
Shareholders representing 88% of the votes supported the offer. The real estate investment company needed approval from two-thirds of the votes represented.
Rodamco agreed in January to a three-way takeover by Westfield America Trust, Rouse Co. and Simon Property Group Inc. A battle for control of the Dutch company started in August when Australia’s Westfield bought 24% of Rodamco and tried to oust its management.
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