Westfield America welcomes Taubman Court ruling
02 May 2003
Countries: United States
Westfield America Trust (ASX: WFA) today welcomed the decision of the Michigan District Court in the United States on Westfield America and Simon Property Group’s (NYSE: SPG) tender for common shares of Taubman Centres Inc (NYSE: TCO).
Judge Victoria Roberts ruled Taubman directors breached their fiduciary duty by amending the company’s by-laws on December 20, 2002. The judge also ruled that the 33.6% Taubman voting bloc may not be voted until approved by a majority of disinterested public shareholders in compliance with the Michigan Control Share Acquisitions Act.
A copy of the court ruling has been lodged with the Australian Stock Exchange and will be available here (in PDF format).