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Taubman Rejects Simon Property Bid

Simon goes public with its $17.50-a-share offer after Taubman refuses to discuss it.
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Shopping mall operator

Taubman Centers

(TCO) - Get Taubman Centers, Inc. Report

rejected an unsolicited takeover bid from rival

Simon Property Group

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(SPG) - Get Simon Property Group, Inc. Report

Wednesday.

Indianapolis-based Simon, which owns 166 regional malls nationwide, went public with the $17.50-a-share offer after several refusals from Taubman's chief executive Robert Taubman to discuss the bid.

Taubman's shares were recently up $1.10, or 7.4%, at $15.90 on the

New York Stock Exchange, while Simon shed 65 cents, or $1.91, to $33.30.

"We are dismayed that Mr. Taubman continues in his refusal even to discuss our offer -- or indeed any sale transaction, particularly in light of the fact that we have expressed a willingness to be very flexible with respect to the structure of the proposed transaction," said David Simon, chief executive officer.