NEW YORK — The epochal battle for Taubman Centers Inc. is finally over.
On Wednesday, Simon Property Group Inc. and Westfield America Inc. in effect threw in the white towel as they withdrew their hostile $1.7 billion takeover bid for archrival Taubman Centers.
The withdrawal ended what was a hotly contested fight for nearly a year between the real estate investment trusts for control over Taubman’s ownership of high-end mall properties.
The announcement came a day after Michigan Governor Jennifer Granholm signed into law a bill that gave Taubman Centers a big assist in rebuffing takeover efforts by Simon and partner Westfield.
The new law allows the Taubman family to vote their controlling shares against the takeover, in effect nullifying a state law requirement that such groups must obtain approval from outside shareholders under certain conditions.
As reported, a legal battle had ensued in which the Taubman family engaged other shareholders to vote as a bloc against the takeover. Earlier this year, a Michigan federal district court found that the Taubman family had violated state law by not obtaining outside shareholder approval. Governor Granholm’s signature on the new law overturned the court ruling.
Taubman said in a statement, “We’re pleased that Simon Property and Westfield America have withdrawn their tender offer. We will continue to run the business for the benefit of all shareholders.”
As reported, Simon first attempted to take over Taubman in November. After being rebuffed by its rival several times, Simon joined forces with Westfield. Even with the two combining their muscle power, the Taubman board held steadfast against the maneuver and repeatedly recommended that its shareholders turn down overtures by Simon and Westfield. Their tender offer was extended several times.
The most recent extension took place last week, when the two said they were extending their $20 per share cash offer until Oct. 31. Even on Wednesday when the pair concluded that they could not win a fight against Taubman family members in light of the new law, they continued to insist that Taubman’s outside shareholders by an overwhelming majority had signalled their approval of the intended takeover.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)