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Article: Taubman Centers' Third Quarter a Poor One.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 1, 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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By Greta Guest, Detroit Free Press Knight Ridder/Tribune Business News
Nov. 1--Taubman Centers Inc. continued to lose money in the third quarter as costs related to a fierce 11-month hostile takeover attempt -- which officially ended Thursday -- dragged down profits.
The Bloomfield Hills-based real estate investment trust said Friday that it spent $6 million in the third quarter, bringing the total to $30.2 million to fend off the attack by Simon Property Group of Indianapolis. Simon said Thursday its hostile bid for Taubman cost it $10.5 million, or 4 cents a share, in the third quarter.
Simon and its takeover partner Westfield America ...