Simon given until 12 January for CSC bid

Simon Property Group (SPG) has been given until 12 January 2011 to table a firm offer for UK-listed regional shopping centre group Capital Shopping Centres (CSC).

The UK Takeover Panel has set the deadline by which time SPG, the largest listed real estate company in the US, must either make a full bid or withdraw.

The board of CSC welcomed the Takeover Panel's decision, saying it brings to an end 'uncertainty created by Simon's attempts to frustrate' CSC's acquisition of the Trafford Centre in Manchester in a EUR 1.9 bn share and debt deal.

SPG owns 5% of the shares in CSC and it opposes the proposed Trafford Centre acquisition, particularly as the structure of the deal would give the vendor, Peel Group, up to 25% of CSC and a seat on the board.

The US mall owner is seeking due diligence access to CSC to enable it to proceed with an indicative EUR 3.4 bn offer.

CSC has postponed a shareholder vote on the Trafford Centre acquisition from 20 December to 26 January, two weeks after the offer deadline set by the Takeover Panel.