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BLOOMFIELD HILLS, MI-Taubman Centers Inc. directors have nixed a takeover bid by Indianapolis-based Simon Property Group Inc. to acquire the company for nearly $900 million. (See:Simon Offers Nearly $900M for Taubman Centers.) Countering charges its offer was not getting a fair hearing, Taubman Centers officials say the board discussed the proposal with Goldman, Sachs & Co. and company lawyers before turning it down.

The company admits the Taubman family, led by chairman, president and CEO Robert Taubman, is unwilling to part with the retail REIT. However, it notes the Taubmans control about 30% of the company stock that Simon Property Group is seeking to acquire for $17.50 per share.

Although that makes the Taubmans minority shareholders, it may be enough to block a sale, according to the company. Any “extraordinary” transaction requires a two-thirds vote, the company says.

“The Taubman Centers board of directors has unanimously rejected this proposal,” the company says in a statement. “In addition, the Taubman family has informed the board that is categorically opposed to the sale of the company. Given the family’s position, any efforts to purchase Taubman Centers would not be productive.”

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