Tony Sherlock: Westfield's shares have been languishing a long way below the offer price. There are some potential catalysts ahead, that it's going to take a lot of work and a lot of things to fall into place for the shares to get from where they were, which was around $8.50, up to the $10 mark.

You've also got to remember that the acquirer was buying shares and there have been a number of catalysts in the market that have driven the shares up from mid-7s to mid-8s. So, this 18 per cent premium in the offer is something that I don't see happening just through natural means over the next four months, which is how long this transaction is likely to play out for.

So, management have been fairly coy, about aspects about the transaction. But between now and presumably the end of January, there will be a fairly detailed explanatory memorandum put out which will have a consultant's report opining on the transaction and the deals around--and the pluses and minuses of the transaction. And they now expect shareholders will vote probably late February or early March, and then once that's done, there are some regulatory steps to be done. So, I expect the deal, provided the shareholders support, to go through late March or early April.