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Simon Offers Nearly $900M for Taubman Centers

CHICAGO-Simon Property Group puts a $17.50-per-share offer directly to Taubman Centers directors, claiming previous offers made to boss Robert S. Taubman are not making their way to the board room.

By Mark Ruda | Updated on November 13, 2002

CHICAGO-Giant retail REIT Simon Property Group wants to grow even bigger, with an offer on the table worth nearly $900 million to buy Bloomfield Hills, MI-based Taubman Centers, Inc. Indianapolis-based Simon Property Group, the largest US retail REIT, is offering $17.50 per share for Taubman’s outstanding common stock, which was an 18% premium over Tuesday’s closing price.

However, Taubman Centers stock soared 8% Wednesday morning to $16 per share. The offer still represents a record price for Taubman Centers shares, Simon Property Group officials note.

“Our offer represents a compelling strategic and financial transaction that would produce substantial and immediate value for all of your shareholders,” says chief executive officer David Simon in a letter to Taubman Centers directors. “We can move quickly since our offer is not subject to the receipt of financing or any due diligence investigation of the company.”

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