Hours after Simon Property (SPG -1.3%) unveils its $4.6B proposal for Capital Shopping Centers,...

|About: Simon Property Group, Inc. (SPG)|By:, SA News Editor

Hours after Simon Property (SPG -1.3%) unveils its $4.6B proposal for Capital Shopping Centers, the Capital board rejects the overture, saying it "very substantially" undervalues the company. Simon's offer is conditional on Capital abandoning its planned purchase of a Manchester mall; Capital delays a meeting to approve that deal to late January. (PR)