A setback for the Westfield empire

The decision to defer a critical vote on the $70 billion restructure of the Westfield empire will give shareholders time to digest the implications of a 'No' vote. But the debacle could have been avoided with better disclosure.

It would appear a reasonable assumption that had the vote not been deferred, the proposed deconstruction of the Westfield empire would have been voted down by Westfield Retail Trust security holders today. The deferral appears designed to give those opposed to the restructuring time to digest the implications of an adverse vote, which aren’t pleasant.

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