Shares of WFD have slipped to a 1-month low of $8.84 in front of this week’s shareholder vote on the Unibail-Rodamco takeover bid.
At this point, there’s no sign of dissenting investor groups, and the boards of both companies have already approved what will be the biggest M&A deal in Australia.
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Because of a lower valuation in the shares of Unibail, the $10.01 cash and script offer has been re-priced lower over the last two weeks.
Still, even modest estimations put the real market value in the $9.15 to $9.25 area, about 5% higher than current prices.
WFD was added to our ASX Top-20 Model portfolio on February 7th at $8.90. We prefer the long side of the stock from these levels with an upside target of $9.45 to $9.50.
Westfields
