Simon Property Group, Inc. today issued the following statement in response to todayÂ's rejection by Taubman Centers, Inc. of SimonÂ's premium all-cash offer:
'TCOÂ's public shareholders, who own 99% of the Company, should be the ones who decide whether SPGÂ's all-cash $18 offer -- a price higher than the shares have ever traded -- is Â'inadequateÂ'. We are proceeding with our tender offer and litigation to challenge TCOÂ's continuing efforts to disenfranchise its public shareholders. Now that TCO has opted out of the Michigan Control Share Act to avoid a shareholder referendum on SPGÂ's tender offer, if TCO shareholders want the opportunity to receive $18 per share in cash, they must tender into our offer by January 17 and support our efforts to invalidate the Taubman familyÂ's illegally obtained blocking position.'
As previously announced, the tender offer and withdrawal rights are scheduled to expire at 12:00 midnight, New York City time, January 17, 2003, unless extended.
(source: Simon Property)