Simon bids £3bn for CSC
Published: 15 December, 2010
425p per share offer shows 26 per cent premium to November share price
After a fortnight of sparring with the Capital Shopping Centres board, US-based retail property giant Simon Property Group has finally made an indicative offer for the company. At 425p per share, the offer shows a premium of 26 per cent to CSC's closing share price before it announced the Trafford Centre purchase on 24 November and a premium of 7 per cent on the closing price yesterday.
Simon said: "Our interest in making an offer for CSC is, of course, not new,” adding “We are confident that we have now answered any objections you have previously expressed. We believe that we should work together to announce a recommended offer, and would urge you to listen to calls from your shareholders - many of whom we have spoken to - opposing the Trafford Centre transaction or asking you to adjourn your forthcoming EGM."
But Simon reiterated that the offer was conditional on the Trafford Centre purchase not going ahread and it again called on the CSC board to open its books to allow due diligence to take place.
