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Simon Urges Taubman Stockholders to Demand Meeting

CHICAGO-The Indianapolis-based retail REIT, the largest in the US, is filing a preliminary proxy statement with the Securities and Exchange Commission, seeking a special meeting of Taubman Centers, Inc. shareholders to consider its $1.12-billion offer.

By Mark Ruda | Updated on December 16, 2002

CHICAGO-Simon Property Group, Inc. is asking the Securities and Exchange Commission to allow Taubman Centers, Inc. shareholders to hold a special meeting to consider its $18-per-share offer. Officials of the larger, Indianapolis-based retail REIT believe the special meeting to consider the $1.12-billion offer can happen if 25% of Bloomfield Hills, MI-based Taubman Centers turn in proxies.

Simon Property Group announced its proxy effort after the close of business Monday, when Taubman Centers stock closed at $16.38 per share.

In addition to meeting to consider their offer, Simon Property Group officials are seeking to change Taubman Centers’ charter. An “excess share provision” prevents anyone from buying a block of shares larger than 8.23% of Taubman Centers stock.

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