Simon/Westfield Extend Taubman Bid

Simon Property Group, Indianapolis, and Westfield America, Los Angeles, have extended the deadline for their $20-per-share bid for Taubman Centers shares to May 30, as expected.By the previous deadline of March 28, approximately 40.3 million shares of Taubman had been tendered, Simon said. In response, the Bloomfield Hills, Mich.-based Taubman said the approximately 40 million shares tendered by Taubman shareholders is less than 50% of the total Taubman shares outstanding. This amount is "insufficient to meet Simon's own minimum tender offer condition or to purchase the company," according to Taubman. At least two-thirds of Taubman's 84 million issued and outstanding shares -- or at least 56 million voting shares -- must approve any sale transaction or amendment to the corporate charter, Taubman said.