US-based Simon Property Group has backed down on its offer to acquire UK- and JSE-listed property group Capital Shopping Centres.

Simon said the Capital Shopping Centres board had refused to share any due diligence information, which was a precondition to its offer to proceed with the deal.

Simon, which owns just over 5% of CSC, had until Wednesday to come up with a firm offer or withdraw, according to the UK's Takeover Panel. Simon had offered to buy CSC for GBP3 billion, which was rejected by CSC.

"Access to satisfactory due diligence from CSC is the only non-waivable outstanding precondition to Simon announcing a firm offer. If a firm offer were to be announced, it would be subject to a number of conditions including a non-waivable condition relating to the Trafford acquisition not proceeding," Simon said.

However, Simon urged shareholders to vote against CSC's proposed acquisition of The Trafford Centre on January 26 2011.

Source: I-Net Bridge