Simon told to bid for CSC or walk

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The Independent Online

Simon Property Group, the US shopping centre business, was given until 12 January yesterday to make a formal bid for Capital Shopping Centres Group, with which it has been engaged in a high-profile spat for the past 10 days, or walk away for at least six months.

The "put up or shut up" deadline from the Takeover Panel follows an indicative offer by Simon of 425p a share for CSC this week, which the British company rejected.

However, CSC has been forced to postpone a company meeting at which it is asking shareholders to back its plans for the £1.6bn purchase of the Trafford Shopping Centre on the outskirts of Manchester.

Simon is opposed to this deal, which would see thecurrent Trafford centre owner, Peel Group, become CSC's largest shareholder.