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CSC takeover setback for Simon Group

By SIMON NEVILLE
Updated: 17:32 EST, 6 January 2011

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One of Capital Shopping Centre's largest shareholders has come out against the proposed takeover plans of rival Simon Group, the first investor to speak out.

Richard Anderson, senior portfolio manager at Sanlam Investment Management, said: 'We definitely do feel that the level which Simon is talking about is not attractive to us.'

But despite saying the 425p-a-share valuation was too low, Sanlam conversely sold 3.3million - or 8 per cent - of its shares in CSC for just 411p on December 17. It has 37million shares remaining.

Retail mecca: Trafford Centre

Simon Group - which has a 5.1 per cent stake in CSC (down 1.8p at 419.1p) - is opposed to the UK's biggest shopping centre owner's plans to buy Peel Group's Trafford Centre in a share deal that will see Peel given a seat on the board and a 35 per cent stake in the company.

It had its offer rejected and has been issued with a 'put up or shut up' order to formalise a new bid by January 12 or walk away.

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A recent research note by HSBC suggested that if Simon does walk away, the share price is expected to fall to around 310p, which analysts suggest could be seen as one reason for Sanlam shedding some of its shares at 411p.

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