Simon and Westfield had left open the possibility they would try to get candidates elected to Taubman's board at Taubman's annual meeting later this year. The deadline for nominating candidates has passed however, without a slate put forward by Simon or Westfield.
Simon and Westfield staged a nearly year-long hostile take over of Taubman, a battle that featured a $1.7-billion tender offer. Simon and Westfield withdrew their offer after the Michigan Legislature changed the state's laws on corporate takeovers. Taubman is based in this Detroit suburb.
Indianapolis-based Simon Property, among the largest US mall owners, and Westfield America Trust, the US arm of an Australian mall developer, in March had nominated a slate that included a former commissioner at the US Securities and Exchange Commission and a former Merrill Lynch banker. That slate was never formally submitted after Taubman announced the December date for its annual meeting and set a deadline by which candidates had to be nominated.
Taubman Centers, of which the Taubman family owns about a third of the stock, is a REIT that owns and operates 31 upscale malls around the country.
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