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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/trafford-bidder-rejects-fresh-move.jpg"><img class="alignnone size-full" title="The battle over Manchester's Trafford Centre has taken another twist" src="http://londonglossy.com/wp-content/uploads/2010/12/min-trafford-bidder-rejects-fresh-move.jpg" alt="The battle over Manchester's Trafford Centre has taken another twist"/></a></p>
<p>The battle over Manchester&#8217;s Trafford Centre has taken another twist after it emerged the site&#8217;s proposed new owner spurned another intervention by one of America&#8217;s biggest shopping mall firms.</p>
<p>Capital Shopping Centres, which owns Essex&#8217;s Lakeside centre, described the latest plan from Simon Property Group, which is also one of its biggest shareholders, as &#8220;completely impracticable&#8221;.</p>
<p>Capital has been locked in a row with Simon after it offered £1.6 billion to buy the Trafford Centre from Peel Holdings, giving the company controlled by billionaire John Whittaker nearly 20% of its shares.</p>
<p>Simon objected to the deal saying Capital has offered too much money and would dilute its value by giving away so many shares.</p>
<p>The US firm, which earlier expressed an interest in buying Capital but was denied access to its accounts, has now suggested an alternative deal that would see Capital raise cash from its shareholders to pay Peel.</p>
<p>Simon has offered to buy shares at a higher price than Peel to help Capital raise some of the money, a move that would see Simon own between 18.4% and 26.9% of Capital&#8217;s shares, depending on how much other shareholders put in.</p>
<p>Capital said that Simon&#8217;s deal was impractical because Peel wanted to become a shareholder and remain an investor in regional shopping centres. It urged shareholders to vote in favour of the Trafford centre deal next Monday.</p>
<p>In an open letter to Capital chairman Patrick Burgess, Simon&#8217;s executive chairman David Simon said his company had spoken to other shareholders who shared its concerns about the bid. He added that his earlier offer to open discussions about buying Capital remained on the table.</p>
<p>A statement released by Capital said Simon&#8217;s proposal &#8220;does not provide a genuine alternative&#8221; for its shareholders. The existing terms are &#8220;a compelling transaction of significant benefit to CSC shareholders&#8221;, it added.</p>
<p>It could not alter the terms of a legally binding agreement with Peel, it said, but was encouraged that Simon had recognised the strategic importance of the Trafford Centre as a future part of its portfolio.</p>
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