THIS ROUND, TAUBMAN: A Detroit federal district court on Tuesday granted Taubman Centers Inc.’s request to stay a preliminary injunction that had been granted in Simon Property Group’s favor in Simon’s six-month attempt to take over is archrival. The stay maintains the status quo until a federal appeals court rules on a lower court decision which would have blocked the Taubman family from using its controlling 33.6 percent stake to defeat Simon’s $1.68 billion hostile takeover bid. In return for the stay, Taubman agreed not to take any steps that would “impede” Simon’s tender offer, including the repurchase of shares and the adoption of an antitakeover mechanism such as a poison pill.
NEW POSITION AT SEARS: Sears, Roebuck & Co. has appointed Cynthia Rodgers Maignan director of multicultural merchandising. Maignan will be responsible for heading up all merchandising efforts in relation to burgeoning minority markets. Maignan will report to Sara LaPorta, senior vice president and chief strategy officer at Sears. Most recently, Maignan served as director of strategic marketing for Summit Marketing in Chicago. Previously, she was vice president of market analysis and new stores for Claire’s Stores Inc.
RAITER TO MOSCHINO: Amy Raiter has joined Moschino as director of public relations, overseeing women’s and men’s ready-to-wear and accessories. She succeeds Amy Marth, who left the company. Most recently, Raiter worked in the New York office of Versace as in-house public relations director. Before that, she was director of special events and projects at Christian Dior. At Moschino, she reports to Michelle Stein-Borgna, senior vice president of sales and marketing for AEFFE.
PARLUX ACQUISITION REDUX: Parlux Fragrances Inc. received a takeover offer from Quality King Distributors Inc. in conjunction with IIia Lekach, Parlux’s chairman and chief executive, who holds about 31 percent of the firm’s common stock. Under terms of the proposed transaction, the two parties, or entities related to them, would buy the outstanding shares of the firm through a tender offer of $4 cash a share, a 60 percent premium over Monday’s closing price of $2.50. On Tuesday, shares of the firm shot up 48 percent, or $1.20, to $3.70 in Nasdaq trading. The offer is conditioned upon, among other things, the tender of a majority of Parlux shares not held by Lekach or Quality King and the other executives and directors of the firm.
This story first appeared in the May 21, 2003 issue of WWD. Subscribe Today.