• Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

  • Strategy for the big boys

    Formulating strategy across the span of huge companies is a marathon, says Ian Mann.

All data is delayed
Loading...
See More

Simon gives up on Capital takeover

Jan 11 2011 10:50
Reuters

London - Simon Property on Tuesday gave up on its £2.9bn pound attempt to buy the largest British mall-owner Capital Shopping Centres (CSC), saying CSC did not provide the information it needed to proceed.

"Despite numerous overtures from Simon and in full knowledge that Simon, given this due diligence precondition, is not able to announce a firm offer without it, the CSC board has refused to share any due diligence information," Simon said.

Simon, the biggest US mall owner and with a 5.1% CSC stake, was due to formalise its 425 pence per share bid for CSC by Wednesday under English takeover law.

Simon said it continues to oppose a CSC proposal to buy the Trafford Centre mall in the UK with its shares, which Simon has argued will dilute shareholders, and said it reserves the right to sell some or all of its existing stake in CSC.

CSC on Friday cut the price it offered for the Trafford Centre to boost its defence against Simon's approach, prompting analysts' expectations that Simon will walk away from the deal.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...