Simon to Proceed With Taubman Offer

Simon Property Group, Indianapolis, has announced that it is not withdrawing its $20-per-share offer for Taubman Centers (which is being made together with Westfield America) even though Taubman has rejected the new offer."Despite the size of the premium and the certainty of a fully financed all-cash offer, the Taubman Board has dismissed out of hand Simon and Westfield's $20 per share offer," Simon noted. "Simon and Westfield fully expect Taubman shareholders to demonstrate their strong support by tendering their shares by February 14th." Simon, a real estate investment trust, also indicated that the judge in the U.S. District Court for the Eastern District of Michigan has set a March 21 date to hear Simon's motion to enjoin the voting of the Taubman family's series B preferred shares. Meanwhile, Standard & Poor's has reported that its ratings on Simon remain on Credit Watch with negative implications, where they were placed after Simon's initial bid for Taubman. The rating agency said Westfield's involvement in the offer could reduce Simon's capital requirements, but that "the eventual capitalization of the potential transaction remains unclear." Simon can be found online at http://www.simon.com.