Johannesburg - Capital Shopping Centres Group (CSC) on Monday welcomed the announcement by the Takeover Panel, setting a deadline for Simon Property Group to either provide a firm offer for Capital or withdraw.
The deadline is set for January 12 2011.
"The board of CSC is pleased that this development will bring to an end the uncertainty created by Simon's attempts to frustrate the Trafford Centre acquisition and will ensure that CSC's shareholders will have clarity over the nature of any proposal which Simon may put forward.
"Shareholders should therefore be in a position to make a fully informed decision at the adjourned EGM (extraordinary general meeting)," the company said.
Simon, which owns 5% of the CSC's shares, made the buyout proposal to CSC's board last week and offered 425 pence per share in cash.
The CSC rejected the offer, saying it believed this was yet another attempt by Simon to frustrate the Trafford Centre acquisition without putting forward a proper proposal for CSC shareholders to consider as an alternative.
Simon urged all CSC shareholders to demand that the CSC board immediately provide a due diligence.
"The CSC board has claimed that adjourning the EGM 'will ensure that CSC's shareholders will have clarity over the nature of any proposal which Simon may put forward'.
"However, by refusing to provide due diligence information to Simon, the board of CSC is perpetuating the lack of clarity that it is complaining about. Now that the CSC board has adjourned its EGM, it should use the additional time to assist Simon to announce a firm offer, which shareholders can then assess on its merits."