Capital Shopping Centres has knocked back Simon Property Group's £2.9bn takeover bid but postponed Monday's extraordinary general meeting, when it was due to vote on the related acquisition of Peel's Trafford Centre.
CSC said Simon's offer "very substantially undervalues" the company. CSC added that the Simon bid did not reflect the fact it owned "an irreplaceable and unrivalled portfolio of regional shopping centres, built up over 30 years, that is impossible to replicate given the barriers to entry in this sector".
Delaying the EGM would give CSC the chance "to ensure that shareholders are provided with the necessary information about the proposal to make a clear decision".
CSC plans to buy the Trafford Centre for a valuation of £1.6bn in return for Peel getting a 25% stake in the listed group.