BLOOMFIELD HILLS, MI-Taubman Centers Inc. denies the Taubman family’s original-issue shares of preferred stock in 1998 was a “control share acquisition” under the Michigan Control Share Acquisitions Act,” an allegation included in Indianapolis-based Simon Property Group Inc.’s attempt to wrest control of the smaller retail REIT. Taubman officials also ask the US District Court to dismiss Simon’s demand that preferred stockholders lose voting rights, which could make the Simon takeover possible.

Taubman directors have voted unanimously to reject an $18-per-share, $1.12-billion offer from Simon, the largest US shopping center owner. Simon has sued Taubman’s board of directors, which includes chairman, president and CEO Robert S. Taubman and EVP William S. Taubman, along with former director A. Alfred Taubman, in an attempt to force the board to consider its offer and prevent the Taubman family from blocking the sale (See: Simon Urges Taubman Stockholders to Demand Meeting ).

However, Taubman officials counter it’s Simon that’s blocking good business practices.

“Simon is waging a campaign to nowhere while wasting valuable corporate assets of both companies,” says New York-based consulting firm Joele Frank, Wilkinson Brimmer Katcher in a statement. “It cannot be clearer–two-thirds of Taubman Centers’ outstanding shares must approve any sale transaction or amendment to the corporate charter. Currently, the owners of over one-third of the outstanding Taubman Centers shares have publicly announced their opposition to Simon’s hostile offer.”

Todd Glass of the consulting firm said Taubman will file proxy statements with the Securities and Exchange Commission countering Simon’s attempt to call a special meeting of Taubman’s shareholders to consider the tender offer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt. NET LEASE Fall 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.