Simon Property Group and Westfield America withdraw tender offer for TCO common shares

Simon Property Group, Inc. and Westfield America, Inc., the U.S. subsidiary of Westfield America Trust, today announced that they have withdrawn their $20.00 all cash tender offer for all outstanding common shares of Taubman Centers, Inc. (TCO).

The announcement follows the recent passage of a bill by the Michigan Legislature, signed into law by Michigan Governor Granholm yesterday, which amends the Michigan Control Share Acquisitions Act. The law was passed to overturn the ruling earlier this year by the Michigan Federal District Court that the Taubman family had violated the statute by not obtaining shareholder approval for their voting shares. The new legislation allows the Taubman family group to effectively block SPG´s and Westfield´s ability to conclude their all-cash offer for TCO common stock, which has been supported by the overwhelming majority of TCO´s common shareholders.

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