NEW YORK, Feb. 11, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Taubman Centers, Inc. ("Taubman" or the "Company") (NASDAQ: TCO) in connection with the proposed acquisition of the Company by rival shopping mall firm, Simon Property Group (NYSE: SPG). Under the terms of the acquisition agreement, TCO shareholders will receive $52.50 per share in cash. The deal is scheduled to close in mid-2020.
If you own TCO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
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Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether Taubman's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, Taubman's President and CEO Robert Taubman announced the conclusion of a "very productive year for the [C]ompany," with "solid results" for the fourth quarter of 2019. The Company reported adjusted funds from operations of $59.8 million, or 97 cents per share during the fourth quarter, beating the FactSet consensus average estimate of 93 cents per share.
Given these facts, WeissLaw is concerned whether the proposed acquisition agreement undervalues the Company, whether the Board ran a fair process, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP