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Capital Shopping Centres Rebuffs Simon's Advances

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There's been some developments on the potential Simon/Capital acquisition.

Simon sent a letter to Capital this morning and made the text public. This is reminiscent of when it courted General Growth and also shared the text of those letters. Simon reiterates its opposition to Capital's proposed acquisition of the Trafford Centre Group and says it is "disappointed by the profound value destruction." In addition, Simon again requests "specific due diligence information with respect to CSC, which would assist us to formulate an acquisition proposal."

Property Week is reporting that Capital has already rebuffed Simon's latest overture. Capital refutes some of Simon's analysis of the deal and concludes that it believes "the deal was in the best interests of shareholders, and that it reiterates its recommendation to vote in favor of the acquisition."

I've embedded Simon's letter below:

Simon's Letter to CSC

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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