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LONDON-Locally-based Capital Shopping Group, having today turned down a $6.66 per share informal takeover bid from Indianapolis-based Simon Property Group, did make a small concession to the US-based mall REIT. The CSC board meeting to approve the $1.2 billion purchase of the local Trafford Centre Mall, which investor Simon opposes, has been postponed until January.

Simon, a 5.6% owner in CSC, said in a letter to the local firm that the price for the 1.9 million square foot mall is too great, and has threatened to sell its stock if the purchase is made. Similar to a poker-hand showdown, board chairman and CEO David Simon has sent letters both asking for the sale to stop, and, today offered the non-binding takeover bid – in an apparent attempt to see if the CSC board will back off of the Trafford sale.

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