It’s been just under a month since the Westfield board recommended shareholders accept $32 billion takeover from French firm Unibail-Rodamco.
Since then, the share price has softened, has never traded at the cash and script offer of $10.01 per share, and closed at a post-announcement low of $9.18 on Friday.
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Part of the recent weakness seems to be tied to the cash component of the deal valued at USD 2.67 per share.
The AUD/USD has risen from .7550 to .7850 since the deal was announced, which roughly corresponds to the 4.5% fall in the WFD share price since December 12th.
With the stock going ex-dividend on February 13th for 16.43 cents per share, we believe WFD is good value in this range for a move back into the $9.80/90 area in the near-term.
Westfield
