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Article: Taubman Centers Comments On Simon Property Group's Tender Offer Status.
- Article from:
- PR Newswire
- Article date:
- February 17, 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:
As we have previously stated, Taubman Centers' Board of Directors believes that the Simon offer is inadequate, opportunistic and does not reflect the underlying value of the company's assets or its growth prospects.
According to Simon's announcement today, approximately 44 million of the 84 million shares of Taubman Centers voting stock were tendered into the offer. This amount is insufficient to meet Simon's own minimum Tender ...