Simon/Westfield Extend Taubman Offer

Simon Property Group and Westfield America have extended to Aug. 1 their $20-per-share all-cash tender offer for the common shares of Taubman Centers, Bloomfield Hills, Mich.Taubman Centers is now trying to get a favorable interpretation of a Michigan anti-takeover law in a bid to ward off the Simon/Westfield takeover attempt, which was launched last November. The Indianapolis-based Simon has said that about 23% of Taubman Centers common shares have been tendered to them so far. In response, Taubman said the percentage "is clearly insufficient to meet Simon's own minimum tender offer condition or to purchase the company, since at least two-thirds of Taubman Centers' 81 million issued and outstanding voting shares must approve any sale transaction or amendment to corporate charter." Simon can be found online at http://www.simon.com, and Taubman can be found at http://www.taubman.com.