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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.

 
 
 

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