The company said as of midnight EST on March 28, Taubman shareholders had tendered and not withdrawn approximately 40,302,385 shares.
Taubman officials said the offer was extended because Simon can't get enough shares. A statement by Taubman asserted that the approximately 40 million shares equals less than 50% of the 84 million shares of Taubment Centers voting stock. Almost 40% of the 84 million shares are owned by the Taubman family, which has resisted the buyout.
"This amount is unsufficient to meet Simon's own minimum tender offer condition or to purchase the company," said Taubman officials. "At least two-thirds of Taubman Centers' 84 million issued and outstanding shares - at least 56 million voting shares - must approve any sale transaction or amendment to the corporate charter."
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