• TAUBMAN SIMON SAGA: Simon Property Group Inc. extended its tender offer for Taubman Centers Inc. on Friday and Taubman once again rejected the entreaty. Simon and Westfield America Inc. extended their $20 a share all-cash offer for common shares of Taubman until midnight, Eastern time, Aug. 1. Taubman responded that Simon’s 18.9 million shares, or “only 23 percent,” of the approximately 81 million Taubman shares tendered into the offer, was “clearly insufficient to meet Simon’s own minimum tender offer condition to purchase the company,” since approximately 54 million voting shares must approve any sale or amendment to Taubman’s charter. Taubman added that its board of directors “has unanimously voted not to recommend the sale of the company at an inadequate price.”

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