"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," said David Simon, CEO of the company.
Simon began a takeover plan late last year, offering $18 per Taubman common share. Then, Taubman had asked shareholders to wait for instructions, and then blasted the acquisition deal as "inadequate, opportunistic and clearly not in the best interests" of shareholders.
Taubman officials have again asked its shareholders to hang tight on a decision on the $20 offer. The company's Board of Directors will respond in 10 business days to the offer.
"Accordingly, Taubman urges its stockholders to defer making a determination... until the Board has met and issued its recommendation," said the company in a statement.
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