Simon/Westfield Extends Taubman Offer Again

Simon Property Group and Westfield America have extended their $20-per-share cash offer for Taubman Centers common shares to Oct. 31.The Indianapolis-based retail real estate investment trust and the U.S. subsidiary of the Australia-based Westfield America Trust have extended the offer several times since they began their battle to take over the Bloomfield Hills, Mich.-based Taubman in the third quarter of last year. An amendment to the Michigan Control Share Acquisition Act last month, which would make it possible for the Taubman management and their affiliates to vote their 33%-plus stake to prevent the takeover, has made the Simon/Westfield takeover attempt seem less likely to succeed. The amendment is awaiting the signature of the governor of Michigan.