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Simon Out of Picture at Taubman

BLOOMFIELD HILLS, MI-If ya' can't beat 'em, sometimes you still can't join 'em. Simon and Westfield did not nominate candidates to the Taubman Centers board of directors--a possibility the companies had left open after a hostile takeover bid failed.

By Dan Heaton | Updated on November 04, 2003

BLOOMFIELD HILLS, MI-Unable to take over a rival shopping mall company through purchase, Simon Property Group Inc. and Westfield America Trust will not try an end-run on their target. The two firms did not nominate candidates for the board of directors of Taubman Centers Inc.

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.

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