The deadline is Feb. 14 for at least two-thirds of Taubman Centers' common stockholders to accept the deal.
"If, as we expect, two-thirds of TCO's outstanding common shares are tendered, we will consider it a shareholder mandate, and SPG and Westfield will continue their efforts to complete the offer and consummate the acquisition," explains chief executive officer David Simon, whose REIT has claimed the Taubman family is blocking the sale. "However, if at least two-thirds of TCO's outstanding common shares are not tendered by February 14, we will withdraw our offer and terminate our efforts to acquire TCO."
The final offer represents a 50% premium over the price Taubman Centers stock was trading at when Simon Properties Group began its hostile takeover attempt.
"We have worked successfully with SPG in past transactions, and we are confident that we can do so again," says Westfield America chief executive officer Peter Lowy. "We believe the increased offer is in the best interest of TCO shareholders as it is fully priced and provides TCO shareholders with a substantial premium."
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