Banks back Simon's CSC bid
Published: 29 December, 2010
Simon Property Group secures £3bn loan to back offer for Capital Shopping Centres
Simon has announce that it has reached agreement on the financial terms of a £3bn loan facility which would enable it to go ahead with a firm offer for CSC. The loan facility is being arranged by a consortium of banks led by Citi, Deutsche Bank, Goldman Sachs and Morgan Stanley.
At the same time Simon has obtained the approval of its board for a firm offer of 425p per share. and says it is “continuing its efforts to seek engagement with the board of CSC.”
The Takeover Panel has set a deadline of a deadline of 5pm on 12 January 2011 for Simon to either provide a firm offer or withdraw.
