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Article: Taubman Centers' decision to go public put it at risk for a takeover.(News)(Simon Property Group Inc. launches hostile acquisition offer)
- Article from:
- Crain's Detroit Business
- Article date:
- November 25, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. 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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Byline: Brent Snavely
Ironically, the decision 10 years ago by Taubman Centers Inc. to become the first mall developer to become a publicly traded real estate investment trust made it possible for it to become the target of a hostile takeover attempt by the largest mall owner in the country.
Simon Property Group Inc. is pursuing aggressively a hostile acquisition of Bloomfield Hills-based Taubman (NYSE: TCO) and has offered to pay more than $3.85 billion.
Wall Street has responded positively: Taubman's stock has risen from $14.80 to close at $16.40 on Friday since the offer was made Nov. 13, and several analysts have published reports favoring ...