Simon Property Group commences $18.00 p/share cash offer for Taubman Centers, Inc.

Simon Property Group, Inc. today announced that it has commenced a tender offer to acquire all of the outstanding shares of Taubman Centers, Inc. at a price of $18.00 per share net to the seller in cash. The tender offer and withdrawal rights will expire at 12:00 midnight, New York City time, on January 17, 2003, unless extended.

SPG had previously sent letters to TCO´s Board of Directors offering to acquire the Company for $17.50 per share. The $18.00 per share price of the tender offer represents a premium of approximately 35% to the price of TCO shares when Simon first made a written proposal to acquire TCO, and is above the highest level that TCO shares have ever traded.

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(source: Simon Properties)

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