Capital Shopping Centres has given revised terms for acquiring the Trafford Centre and has explained to shareholders why Simon Property's £2.9 billion takeover offer is insufficient.
Simon is required to formalise its 425 pence per share offer for CSC by January 12, after attempting to block CSC's plan to buy the Trafford Centre mall through an issue of new shares which would have eroded Simon's current stake in CSC.
CSC said on Friday it would issue the new shares for 400 pence each rather than 368 pence as had been originally agreed.
It said significant incremental value opportunities would imply a total potential net asset value of the company of up to 625 pence per share.
The CSC board said it believed the company had come through an economic period which had proved difficult for the entire UK property sector but the company was now strongly positioned for income and value growth to the benefit of all shareholders.