UNBLF - Unibail-Rodamco-Westfield investor group disbands after scuttling rights issue

A group of European investors that was formed to prevent Unibail-Rodamco-Westfield SE ([[UNBLF]] +4.0%) from executing a €3.5B ($4.3B) rights issue and to refocus the business on its European portfolio has ended its concerted action after accomplishing its goals.On Nov. 10, URW shareholders voted to reject the capital increase and appoint all three consortium nominees to the supervisory board.Also, a new management board was appointed, effective January 2021, with Jean-Marie Tritant as chairman and group CEO and Fabrice Mouchel as group CFO.The consortium also points to the pricing of a 3x oversubscribed €2B two-tranche senior bond offering and the conclusion of a tender offer to repurchase over €500M of bonds."These actions strengthen URW’s liquidity position, while extending the Group’s debt maturity profile and demonstrating continued access to debt capital markets," the investor group said in a statement.Previously, Nov. 25, 2020: Unibail-Rodamco-Westfield prices $2.4B bond offering, starts tender offer.

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Unibail-Rodamco-Westfield investor group disbands after scuttling rights issue