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Article: Simon Property Group Drops Bid for Taubman Centers.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 9, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Detroit Free Press Knight Ridder/Tribune Business News
Oct. 9--Simon Property Group Inc. withdrew its hostile bid for Taubman Centers Inc. on Wednesday, ending an 11-month battle complete with courtroom drama, public bickering and a new law blocking the $1.7-billion hostile takeover.
Indianapolis-based Simon Property and its partner, Westfield America Inc., launched the bid last November. Simon, the nation's largest mall operator with 242 properties, coveted Taubman's 30 high-end mall properties in 13 states. It was one of the bitterest corporate takeover fights in Michigan in several years and garnered national publicity.
After its ...