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Westfield Group's (ASX:WDC) proposed $70 billion restructure has been deemed fair and reasonable by two independent experts.
KPMG and Grant Samuel & Associates have found the proposal to restructure Frank Lowy’s companies is in the best interests of securityholders in the absence of a superior proposal.
Westfield Group revealed plans at the end of last year to merge its Australian and New Zealand business with Westfield Retail Trust (ASX:WRT). The new entity is to be known as Scentre Group and the international business of Westfield Group will become Westfield Corporation.
The latest expert backing comes after Moody's Investors Service confirmed last week it is reviewing Westfield Group’s status should the deal go ahead.
Westfield Retail Trust shareholders are understood to have expressed disappointment with the terms of the proposed restructure with Westfield Group.
The proposal will be put to a shareholder vote on May 29, 2014.
Westfield Group reported a net profit of $1.6 billion in the first half of the 2014 financial year.
