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Article: Taubman Centers Comments on Simon Property Group's Approximately 23% Tender Offer Status.
- Article from:
- PR Newswire
- Article date:
- June 27, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. 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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Taubman Centers, Inc. today responded to Simon Property Group's announcement of the status of its unsolicited hostile cash tender offer made in conjunction with a subsidiary of Westfield America Trust for Taubman Centers:
According to Simon's announcement on June 27, 2003, approximately
18.9 million (only 23%) of the approximately 81 million shares of Taubman
Centers voting stock were tendered into the offer.
As we have previously stated, this amount is clearly insufficient to meet
Simon's own minimum Tender Offer condition or to purchase the company
since at least two-thirds of Taubman Centers' 81 million issued and
outstanding voting ...