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Westfield Tops Centro's Hostile Bid for AMP Shopping Centre Trust

SYDNEY-The Australia-based shopping mall developer offers US$940 million cash for AMP's nine regional malls in the country, topping a US$855.5-million cash and scrip bid by Australia-based Centro Properties Group.

By Brian K. Miller | Updated on May 20, 2003

SYDNEY-The Australian Arm of Westfield Holdings Ltd has topped a hostile bid from Australia-based Centro Properties Group for the nine regional malls owned by AMP Shopping Centre Trust, another Australia-based company.

Westfield Trust has offered US$940 million in cash (US$1.184 per share) for AMP’s nine regional malls. Centro Properties Group in March offered US$855.5-million cash and scrip (approx. US$1.08 per share) bid by Australia-based Centro Properties Group.

Both Westfield and Centro hold 19.9% stakes in AMP Shopping Centre Trust. The trust’s manager, AMP Henderson Global Investors, welcomed the higher offer but gave no timeline for a decision.

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