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Shopping Centers Today -> January 2003
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SIMON PRESSES TAUBMAN TO SELL
Simon Property Group was forging ahead at press time with its unsolicited bid to purchase Taubman Centers, having upped the bid to $18 a share (from $17.50) in a tender offer. Taubman has rejected this latest move.
“Our board has spoken very clearly that we are not for sale,” Robert S. Taubman, the chairman, president and CEO of Taubman, told SCT on Dec. 11. Simon, the largest U.S. mall owner, also filed a lawsuit that, among other things, challenges the Taubman family’s control over the company. The proposed acquisition would give Simon a 19-mall portfolio that includes such prestigious centers as The Mall at Short Hills (N.J.) and Beverly Center, Los Angeles.
For the latest on this unfolding story, see SCT Newswire, at www.ICSC.org.
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