The Takeover Panel said in a statement that Simon Property was required to state whether not it intended to make a firm offer by 5 p.m. on the day. It said both parties had accepted the ruling. On Wednesday, Indianapolis-based Simon made a preliminary indicative offer of 425 pence per share for CSC, valuing it at 2.9 billion pounds. The company's board rejected it immediately, saying it "very substantially undervalues the company.
Simon Property, the largest U.S. mall owner and also a 5.1 percent shareholder in CSC, said on Wednesday its own board supported its indicative offer. It added that it expected CSC to provide the due diligence information to help it make the offer a formal one.
Responding to the ruling, CSC's board said the development "will bring to an end the uncertainty created by Simon's attempts to frustrate the Trafford Centre acquisition and will ensure that CSC's shareholders will have clarity over the nature of any proposal which Simon may put forward."
CSC said it has adjourned a shareholder vote on the deal to buy the Trafford Centre mall to January 26 from Dec 20. Simon Property had earlier sought to block the deal for fear it will reduce its stake in CSC.
On Friday, Simon Property sought to get support from CSC's shareholders, saying that CSC's investors should have the final say in the matter and should put pressure on CSC management to open up its books to Simon Property.
"Given the deadline of 12 January for Simon's firm offer announcement, time is short. Simon strongly believes the ultimate decision should rest with CSC shareholders and not with the CSC board," Simon Property said in a statement. For the latest updates PRESS CTR + D or visit Stock Market news Today
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