The Westfield empire, combining Westfield Group and Westfield Retail Trust, is today set to restructure for the third time in a decade

Intelligent Investor

Independent Financial Research

The Westfield empire, combining Westfield Group and Westfield Retail Trust, is today set to restructure for the third time in a decade. But as the proposal requires 75% of the companies' 200,000 shareholders to approve the deal - and just under half getting a decidedly shorter straw - consent is no sure thing. The Lowy family abandoned Westfield Retail Trust in March last year by selling its entire $664m stake at $3.09 per share. Now it's asking Westfield Retail Trust shareholders to put up 68% of the assets to receive 51% of Scentre's stock. How is that fair? The new proposal would improve Scentre's balance sheet, relative to the original plan, but the inherent unfairness of the split remains. We recommend Westfield Retail Trust shareholders vote against the proposal. (VIEW LINK)


Intelligent Investor
Independent Financial Research

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