Simon Files Proxy Statement

Simon Property Group Inc., Indianapolis, has filed a preliminary proxy statement with the Securities and Exchange Commission to enable Simon to solicit proxies from shareholders of Taubman Centers Inc. to call a special shareholders' meeting in pursuit of a hostile takeover bid.Simon said it would seek shareholders' support for its cash tender offer of $18 per share of Taubman stock, in part through a proposal to amend the Taubman charter. The amendment would remove a provision under which the purchase of Taubman shares in connection with Simon's tender offer would trigger the Excess Share Provision. "We are taking the necessary steps to restore the right of Taubman's public shareholders -- who own 99% of the company -- to decide for themselves whether to accept our premium, all-cash offer," said David Simon, chief executive officer of Simon Property Group. "We call on the independent Taubman board members to fulfill their fiduciary obligations and remove the family-imposed impediments to shareholder democracy." In reply to the proxy filing, the Bloomfield, Mich.-based Taubman said Simon "is waging a campaign to nowhere while wasting valuable corporate assets of both companies." Simon, a real estate investment trust, can be found online at http://www.simon.com.