Simon Property Group has made a last-minute £2.9bn takeover offer for Capital Shopping Centres ahead of Monday's deadline for the Trafford Centre acquisition proposed by CSC.
The price offered by Simon of 425p a share would represent an 8% premium to Tuesday's closing price of 393p a share.
Simon owns 5% of CSC but if CSC's £1.6bn takeover of the Trafford Centre from Peel Group is successful Peel would hold a 25% stake in CSC, potentially blocking a move by Simon.
Simon has previously offered to buy the Trafford Centre separately, a move rebuked by Peel and CSC.
The board of CSC would have to cease the Trafford Centre deal to accept the terms of Simon's offer. CSC shareholders vote on the Trafford Centre proposal on Monday.
Simon chairman David Simon said: "By making this offer on the terms outlined in this letter, we are confident that we have now answered any objections you have previously expressed. We believe that we should work together to announce a recommended offer, and would urge you to listen to calls from your shareholders – many of whom we have spoken to – opposing the Trafford Centre transaction or asking you to adjourn your forthcoming EGM."