Concluding a long running saga of deal and counter deal, Capital Shopping Centres (CSC) has today appointed Peel Group Chairman John Whittaker as a non-executive director.
Whittaker is now also Deputy Chairman of the company following the confirmation of the acquisition of the Trafford Centre by CSC from Peel Group at its EGM on January 26th.
US-based property company Simon Group had made an offer to takeover CSC, which owns 13 shopping centres in the UK, but this fell through due to the former’s objections to the latter’s purchase of the Manchester-based shopping centre.
Patrick Burgess, Chairman of CSC, said: “We are glad to welcome John Whittaker to the board as Deputy Chairman and look forward to the contribution of his considerable expertise to the board.”
Simon had urged CSC to acquire the Trafford Centre with cash instead of Peel and Whittaker taking a stake in the company but this was rejected by CSC’s board in December.
Days later Simon made a £2.9 billion indicative takeover offer of CSC which would have prevented the Trafford Centre move, but this was rejected in a matter of hours and on January 11th Simon dropped its interest in the group.
The vote to agree the Trafford Centre deal was passed by a majority of 82.39 per cent of CSC’s shareholders, which makes Whittaker a 25 per cent shareholder in the company.
Burgess added: “I am delighted by the overwhelming support from our shareholders for the acquisition of the Trafford Centre, which is value enhancing for CSC and will strengthen CSC’s position as the leading operator of pre-eminent UK regional shopping centres.”