Simon Extends Taubman Offer Again

Simon Property Group, Indianapolis, and Westfield America, the U.S. subsidiary of Westfield America Trust, have again extended their $20 per share offer for the common shares of Taubman Centers, this time to Oct. 3, 2003.Simon also said that approximately 64% of the common shares of Bloomfield Hills, Mich.-based Taubman have been tendered into the offer. However, according to Taubman's version of the story, less than 39% of the approximately 81 million shares of its voting stock have been tendered. The amount is insufficient to meet the two real estate investment trusts' minimum tender offer condition, Taubman said in a written response to Simon and Westfield's latest extension. The two retail REITs have kept extending their tender deadline while the takeover case wends its way through the Michigan legal system.