first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof BOTTOM LINE Share SIMON’S pursuit of CSC has been a textbook example of how not to handle a takeover bid. First it said it would bid for CSC on the precondition it did not purchase the Trafford Centre (providing all sorts of reasons for why it was a bad purchase); then it offered to finance the acquisition of the mall instead of Peel (destroying its own arguments against the purchase); now it is back with an indicative offer of 425p – again providing management does not purchase the Manchester shopping centre. But CSC knows it has to at least consider Simon’s offer, which represents a 21 per cent premium over the stock’s closing price in the past six months. That would allow shareholders to exit their investment at a 13 per cent premium to the last reported Net Asset Value of 377p. Simon’s advances will provide support for the share price in the near term, but we think its flip-flopping speaks volumes about the probability of an eventual deal. This is less holy matrimony and more transatlantic teenage crush. Savvy investors will get out while the going is good. Tags: NULL whatsapp whatsapp KCS-content Show Comments ▼ Wednesday 15 December 2010 8:51 pmlast_img read more