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Simon sticks to its guns on Trafford

Johannesburg - US-based Simon Property Group, which owns just over 5% of Capital Shopping Centres (CSC), said on Monday that it would still oppose the proposed acquisiton of the Trafford Centre even though CSC has revised the terms of the deal.

Simon Property plans to raise its objections at an extraordinary general meeting on January 26.

Simon Property, which has opposed the deal from the start, says although it is "heartened" that the CSC Board has revised the terms of the planned deal, the changes do not address Simon's concerns and the transaction remains deeply unattractive for CSC shareholders.

It claims the CSC board is still proposing to transfer significant control of CSC to Peel at a discounted price and the purchase price for the acquisition of the Trafford Centre is still too high.

On Friday CSC published a circular to shareholders setting out its view of the strong prospects for an independent CSC, why it believes the indicative proposal from Simon Property Group, received on 15 December, very substantially undervalues the company and its prospects, and why shareholders should vote in favour of the revised acquisition.

CSC said the Board has identified significant incremental value opportunities which imply a total potential net asset value of 536 pence per CSC share following the revised acquisition.
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