BLOOMFIELD HILLS, MI-Taubman Centers Inc. of Bloomfield Hills is allowed to lobby the state legislature to fight against a takeover attempt, said the U.S. District Court for the Eastern District of Michigan recently. Simon Property Group of Indianapolis wants to take over the company for $20 per share, or roughly $1.1 billion. Taubman is fighting the takeover, saying the company is doing too well to switch owners.

Simon and Taubman are locked in a court battle about whether to allow the Taubman family to use their shares, recently acquired, to block a takeover of the company. A judge ruled the company could not use the shares, but the case is under appeal, and an injunction has been issued.

Simon recently submitted a motion to hold an emergency Taubman shareholder’s meeting to stop the company from lobbying the Michigan legislature to change a law to allow the use of the family’s shares. U.S. District Court Judge Victoria Roberts has ruled against Simon’s motion, however.

“The Court did not grant Plaintiffs’ motion to insure that their rights ‘vest’ under a particular interpretation of the Michigan Control Share Act or to grant Plaintiffs final relief,” said Roberts in her ruling. “Because the relevant area of law is unsettled, the Court stayed the injunction, in part, so that the extent of those rights could be clarified. The Legislature has taken up that task.”

House Bill 4764 passed the Michigan House of Representatives on June 5.

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 Spring 2024Event

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.