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UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN
---------------------------------------x
SIMON PROPERTY GROUP, INC., :
SIMON PROPERTY ACQUISITIONS, INC.,
AND RANDALL J. SMITH, :
Plaintiffs, :
CIVIL ACTION NO. 02-74799
- against - :
The Honorable Victoria A. Roberts
TAUBMAN CENTERS, INC., A. ALFRED :
TAUBMAN, ROBERT S. TAUBMAN, LISA Magistrate Judge Virginia M. Morgan
A. PAYNE, GRAHAM T. ALLISON, PETER :
KARMANOS, JR., WILLIAM S. TAUBMAN,
ALLAN J. BLOOSTEIN, JEROME A. :
CHAZEN, AND S. PARKER GILBERT,
:
Defendants.
:
---------------------------------------x
APPENDIX TO SPG PLAINTIFFS' AND RANDALL J. SMITH'S
MOTION FOR A PRELIMINARY INJUNCTION
VOLUME IV
A1273 - A1550
{Page}
INDEX TO APPENDIX
TO SPG PLAINTIFFS' AND RANDALL J. SMITH'S
MOTION FOR A PRELIMINARY INJUNCTION
VOLUME I: PUBLIC DOCUMENTS
{Table}
{Caption}
Page
{S} {C}
SPG Offer to Purchase for Cash, dated Dec. 5, 2002..............................................Al
SPG and Westfield Supplement to the Offer to Purchase, dated Jan. 15, 2003.....................A56
TCI Schedule 14D-9/A Amendment No. 3, dated Dec. 20, 2002......................................A95
TCI Common Stock Prospectus, dated Nov. 20, 1992 (Defendants' Exhibit 7)......................A158
TCI Articles of Incorporation, dated Aug. 9, 2000 ............................................A348
TCI Second Amendment and Restatement of Agreement of
Limited Partnership, dated Sept. 30, 1998 ..............................................A383
TCI Form 8-K, dated Aug. 18, 1998 (Payne Exhibit 1)...........................................A448
TCI Form 8-K, dated Sept. 30, 1998 (Payne Exhibit 2)..........................................A468
TCI Schedule 14D-9, dated December 11, 2002 (Gilbert Exhibit 10)..............................A486
Press Release, Taubman Centers, Inc., dated Jan. 21, 2003.....................................A512
TCI Schedule 13D/A, dated Nov. 14, 2002.......................................................A516
Press Release, Taubman Centers, Inc., dated Dec. 17, 2002 ....................................A570
TCI Schedule 13D/A, dated Jan. 28, 2003.......................................................A573
{/Table}
{Page}
VOLUME II: DEPOSITION EXHIBITS/DOCUMENTS
{Table}
{Caption}
Page
{S} {C}
NOVA Restructuring and Recapitalization Plan Goldman Sachs as Advisor
to the NOVA Family (Rosenberg Exhibit 7)................................................A600
Project NOVA Goldman Sachs Value Added (Rosenberg Exhibit 8)..................................A602
Memorandum to IBD Innovation Award Committee, dated Nov. 18, 1998
(Rosenberg Exhibit 10) ...................................................................A608
Goldman Sachs Handwritten Notes (Bloostein Exhibit 3) ........................................A610
Separation and Relative Value Adjustment Agreement, dated Aug. 17, 1998.......................A775
REIT Flowchart (Bloostein Exhibit 2)..........................................................A845
Morgan Stanley Handwritten Notes (Niehaus Exhibit 3) .........................................A846
Letter from Morgan Stanley to the Taubman Partnership Committee and Board of
Directors, dated Aug. 17, 1998 (Niehaus Exhibit 8) ......................................A847
Minutes of Meeting of the Partnership Committee of TCI, dated June 24, 1998
(Gilbert Exhibit 3) ......................................................................A850
Project NOVA, Preliminary Transaction Term Sheet Unit Redemption Transaction,
revised June 29, 1998 ....................................................................A854
1998 Draft Press Releases (Taubman Exhibit 12) ...............................................A861
TCI Ownership Structure, May 2001 Proxy (Rosenberg Exhibit 5) ................................A912
Letter from Goldman Sachs to R. Taubman, dated Oct. 25, 2002 (R. Taubman Exhibit 9) ..........A914
Minutes of a Special Meeting of the Board of Directors of TCI,
dated Oct. 28, 2002 (Rosenberg Exhibit 1) ................................................A923
Voting Agreements, dated Nov. 14, 2002 (R. Taubman Exhibit 13) ...............................A928
Letter from D. Simon to R. Taubman, dated Oct. 22, 2002 (Bloostein Exhibit 4) ................A935
{/Table}
{Page}
VOLUME III: DEPOSITION TESTIMONY/CASES & AUTHORITIES
{Table}
{Caption}
Page
{S} {C}
Excerpts from the Deposition Transcript of Allan J. Bloostein, taken Jan. 14, 2003 ...........A938
Excerpts from the Deposition Transcript of Simon Parker Gilbert, taken Jan. 9, 2003 ..........A984
Excerpts from the Deposition Transcript of G. William Miller, taken Jan. 22, 2003............A1030
Excerpts from the Deposition Transcript of Lisa Payne, taken Jan. 17, 2003 ..................A1037
Excerpts from the Deposition Transcript of Christopher J. Niehaus, taken Jan. 17, 2003 ......A1060
Excerpts from the Deposition Transcript of Adam Rosenberg, taken Jan. 24, 2003..............A1087
Excerpts from the Deposition Transcript of David Simon, taken Jan. 24, 2003 .................A1119
Excerpts from the Deposition Transcript of Robert Taubman, taken January 16, 2003 ...........A1124
MICH. COMP LAWS ss. 450.1790-1799 ..........................................................A1163
DAVID M. EINHORN ET AL, REIT M&A TRANSACTIONS-PECULIARITIES AND
COMPLICATIONS, 55 BUS. LAW. (Feb. 2000) ...............................................A1172
MILLER V. VILL. HILL DEV. CORP., NO. 220297, 2001 WL 754050
(Mich. Ct. App. July 3, 2001) .........................................................A1214
MM CO., INC. V. LIQUID AUDIO, INC., No. 606, 2002, 2003 WL 58969
(Del. Jan. 7, 2003) ...................................................................A1217
PACKER V. YAMPOL, 1986 WL 4748 (Del. Ch. 1986) ..............................................A1228
PHILLIPS V. INSITUFORM OF AM., INC., Civ. A. No. 9173, 1987 WL 16285
(Del. Ch. 1987) .......................................................................A1240
SCHAFFER EX REL. LASERSIGHT INC. V. CC INV., LDC, No. 99 Civ. 2821 (VM), 2002 WL
31869391 (S.D.N.Y. Dec. 20, 2002) .....................................................A1249
SEILON, INC. V. LAMB, No. C 83-314,1983 WL 1354 (N.D. Ohio July 27, 1983) ...................A1257
{/Table}
{Page}
VOLUME IV
{Table}
{Caption}
Page
{S} {C}
SPG Press Release, dated Feb. 17, 2003 ......................................................A1273
Computershare Report of Shares Tendered, dated Feb. 14, 2003.................................A1275
REIT Wrap, dated Feb. 18, 2003...............................................................A1276
TCI Schedule 14D-9A, dated Feb. 19, 2003 ....................................................A1281
TCI Schedule 14D-9A, dated Feb. 4, 2003 .....................................................A1288
Defendants' Response to Plaintiffs' Third Request For
Production Of Documents ...............................................................A1293
The Rouse Company Letter to R. Taubman, dated May 1, 1998....................................A1298
TCI Closing Stock Price, May 1, 1998 ........................................................A1299
TCI 2002 Proxy Statement ....................................................................A1300
Excerpts from the Deposition Transcript of Lucian Bebchuk, taken Feb. 19, 2003...............A1331
Excerpts from the Deposition Transcript of Martin Cicco, taken Feb. 5, 2003..................A1347
Excerpts from the Deposition Transcript of M. Travis Keath, taken Feb. 13, 2003..............A1352
Excerpts from the Deposition Transcript of Peter Lowy, taken Feb. 19, 2003 ..................A1368
Excerpts from the Deposition Transcript of G. William Miller, taken Jan. 22, 2003............A1373
Excerpts from the Deposition Transcript of Adam Rosenberg, taken Jan. 24, 2003...............A1381
Excerpts from the Deposition Transcript of David Simon, taken Jan. 24, 2003 .................A1389
Excerpts from the Deposition Transcript of Randall J. Smith, taken Feb. 14, 2003 ............A1393
Excerpts from the Deposition Transcript of Robert Taubman, taken Jan. 16, 2003...............A1405
Excerpts from the Deposition Transcript of Philip Ward, taken Jan. 17, 2003 .................A1409
17 C.F.R. ss. 240.13d-3(a), 13d-5(b)(1).....................................................A1415
{/Table}
{Page}
{Table}
{S} {C}
IND. CODE ANN. s. 23-1-42-1...................................................................A1419
AVACUS PARTNERS, L.P. V. BRIAN, Civ. A. No. 11001, 1990 WL 161909
(Del. Ch. Oct. 24, 1990) ..............................................................A1423
CLARK V. SAKOWSKI, No. 210508, 2000 WL 33405937
(Mich. App. Oct. 13, 2000.) ...........................................................A1432
EMERSON RADIO CORP. V. INT'L JENSEN INC., Civ. A. Nos. 15130, 14992,
1996 WL 483086 (Del. Ch. Aug. 15, 1996) ...............................................A1436
FDIC V. HYDE PARK APARTMENTS, No. 94-56673, 1996 WL 138558
(9th Cir. Mar. 27. 1996) ..............................................................A1457
GIBRALT CAP. CORP. V. SMITH, No. 17422, 2001 WL 647837
(Del. Ch. May 9, 2001) ................................................................A1461
OMNICARE, INC. V. NCS HEALTHCARE, INC., No. 605, 649, 2002 Del. LEXIS 723
(Del. Ch. Dec. 10, 2002) ..............................................................A1475
IN RE SHELL OIL CO., Civ. A. No. 8080, 1990 WL 201390
(Del. Ch. Dec. 11, 1990) ..............................................................A1480
STEWART V. ALVAREZ, No. Civ. A. No. 02-1159, 2002 U.S. Dist. LEXIS 19195
(E.D. La. Oct. 7, 2002) ...............................................................A1519
TOMCZAK V. THIOKOL, INC., Civ. A. No. 7861, 1990 WL 42607 (Del. Ch. Apr. 5, 1990) ...........A1523
SPG Schedule TO/A, Amendment No. 16, dated Feb. 27, 2003 ....................................A1537
Affidavit of Keith R. Pauley ................................................................A1546
Affidavit of Robert H. Steers ...............................................................A1548
{/Table}
{Page}
A1273
EXHIBIT NO. (a) (5) (S)
(SIMON PROPERTY GROUP LOGO] [WESTFIELD LOGO]
Simon Contact: Westfield Contact:
Shelly Doran Katy Dickey
Simon Property George Sard/Paul Caminiti/ Westfield America
Group, Inc. Hugh Burns 310/445-2407
Citigate Sard Verbinnen
317/685-7330 212/687-8080
85% OF TAUBMAN CENTERS COMMON SHARES
TENDERED INTO SPG/WESTFIELD OFFER
----------------------------------------------------------------
NEW YORK, February 17, 2003 - Simon Property Group, Inc. (NYSE: SPG) and
Westfield America, Inc., the U.S. subsidiary of Westfield America Trust (ASX:
WFA), today announced that approximately 85% of the outstanding common shares of
Taubman Centers, Inc. (NYSE: TCO), or a total of 44,135,107 of the 52,207,756
common shares outstanding, have been tendered as of February 14, 2003 into the
$20.00 per share all-cash offer by SPG and Westfield.
The offer has been extended until midnight, New York City time, on March
28, 2003, unless further extended. The offer was previously scheduled to expire
on February 14, 2003.
David Simon, Chief Executive Officer of SPG, and Peter Lowy, Chief
Executive Officer of Westfield America, Inc., issued the following joint
statement: "We are gratified to have received such an unprecedented and
overwhelming mandate from TCO's public shareholders in support of our $20.00 per
share all-cash offer. The shareholders have sent a powerful message to TCO's
Board of Directors. The TCO Board should now respect the wishes of TCO's public
shareholders, who own 99% of TCO, and take all steps necessary to facilitate the
offer. We again invite the TCO Board to meet with us so that we can quickly
complete this mutually beneficial transaction."
The complete terms and conditions of the offer are set forth in the Offer
to Purchase, as amended, and the related Letter of Transmittal, copies of which
are on file with the SEC and available by contacting the information agent,
MacKenzie Partners, Inc. at (800) 322-2885. Merrill Lynch & Co. is acting as
financial advisor to SPG and Westfield America, Inc. and is the Dealer Manager
for the Offer. Willkie Farr & Gallagher is acting as legal advisor to SPG and
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Westfield
America, Inc. Simpson Thacher & Bartlett is acting as legal advisor to Merrill
Lynch & Co.
1
{Page}
A1274
About Simon Property Group
Headquartered in Indianapolis, Indiana, Simon Property Group, Inc. is a real
estate investment trust engaged in the ownership and management of
income-producing properties, primarily regional malls and community shopping
centers. Through its subsidiary partnerships, it currently owns or has an
interest in 242 properties containing an aggregate of 183 million square feet of
gross leasable area in 36 states, as well as eight assets in Europe and Canada
and ownership interests in other real estate assets. Additional Simon Property
Group information is available at http://about.simon.com/corpinfo/index.html.
About Westfield America, Inc.
Westfield America, Inc. is a United State's subsidiary of Westfield America
Trust (ASX: WFA), the second-largest property trust listed on the Australian
Stock Exchange. WFA owns a majority interest in the Westfield America portfolio
of 63 centers, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are
home to more than 8,400 specialty stores and encompass 64 million square feet in
the states of California, Colorado, Connecticut, Florida, Illinois, Indiana,
Maryland, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio and
Washington.
# # #
Important Information
This news release is for informational purposes only and is not an offer to buy
or the solicitation of an offer to sell any TCO shares, and is not a
solicitation of a proxy. Simon Property Group and Simon Property Acquisitions,
Inc., a wholly owned subsidiary of Simon Property Group, filed a tender offer
statement on Schedule TO with the Securities and Exchange Commission on December
5, 2002 (as amended), with respect to the offer to purchase all outstanding
shares of TCO common stock. Investors and security holders are urged to read
this tender offer statement as amended because it contains important
information. Investors and security holders may obtain a free copy of the tender
offer statement and other documents filed by SPG and WFA with the Commission at
the Commission's web site at http://www.sec.gov. The tender offer statement and
any related materials may also be obtained for free by directing such requests
to MacKenzie Partners, Inc. at (800) 322-2885.
Forward-looking statements
This release contains some forward-looking statements as defined by the federal
securities laws which are based on our current expectations and assumptions,
which are subject to a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated, projected or implied. We
undertake no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
2
{Page}
A1275
[COMPUTERSHARE LOGO]
Computershare Trust Company of New York
Wall Street Plaza, 88 Pine St, 19th Floor
New York, New York 10005
14-Feb-03
JAMES M. BARKLEY
General Counsel and Secretary
Simon Property Group, Inc.
National City Center
115 West Washington Street, Suite 15 East
Indianapolis, IN 46204
jbarklev@simon.com
REPORT: 47
RE: SIMON PROPERTIES ACQUISITIONS, INC. A WHOLLY OWNED SUBSIDIARY OF
SIMON PROPERTY GROUP, INC. OFFER TO PURCHASE SHARES OF COMMON STOCK
OF TAUBMAN CENTERS, INC.
Effective: December 5, 2002
Dear Mr. Barkley:
In our capacity as Depositary for the subject offer, the following is our
report of activity through 12:00 Midnight on 2/14/2003.
{Table}
{Caption}
PHYSICAL TENDERS BOOK-ENTRY DELIVERIES & TOTAL TENDERED
------------------------------------------------------------------------------------------------------------
Items Shares Items Shares Items Shares Items Shares
------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C}
PREVIOUS 62 37,779.428 395 38,697,502 37 5,397,142 457 38,735,281.428
------------------------------------------------------------------------------------------------------------
Herewith 0 0.000 0 0 8 2,684.595 0 0.000
------------------------------------------------------------------------------------------------------------
Cleared 0 0 0 0 0 0 0
------------------------------------------------------------------------------------------------------------
Withdrawn 0 0 0 0 0 0 0
------------------------------------------------------------------------------------------------------------
TOTAL 62 37,779.428 395 38,697,502 45 5,399,826.595 457 38,735,281.428
------------------------------------------------------------------------------------------------------------
{/Table}
*=protects not included in totals until cleared
If you have questions concerning this report, please contact Brendan Bulfin at
212.701.7635 or myself at, 212.701.7622.
Sincerely,
Robert Neff
Operations Manager
cc: Neda Meshkaty Mark Harnett
Richard Campbell MacKenzie Partners, Inc.
Computershare mharnett@mackenziepartners.com
Charlie Koons Dan Burch
{Page}
A1276
SUBJECT: REIT WRAP
for TUESDAY,
FEBRUARY 18, 2003
"REALTY STOCK REVIEW"
(bvinocur@rainmaker-media.com)
02/18/2003 09:07 AM PLEASE RESPOND TO BVINOCUR
TO: "REIT WRAP SUBSCRIBERS"
bvinocur@rainmaker-media.com
CC:
SUBJECT: REIT WRAP for TUESDAY, FEBRUARY 18, 2003
********** Mark Your Calendars **********
New York University's Eighth Annual REIT Symposium will be held on April 2, 2003
at The Waldorf=Astoria in New York City. Conference details and sign-up
information are available on our website in the data downloads area. Point your
browser to http://www.realtystockreview.com.
To download a PDF of the conference brochure click on data downloads in the
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If you have trouble logging onto our site or downloading the brochure, contact
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******************************************
REIT Wrap for Tuesday, February 18th
Front Page: REITs Slip, A Bit. Plus, The Just Say "No" Defense.
Odds & Ends: ProLogis Leases Space to Giraud Logistique; Sherman Resigns from
Crescent Board; and Kimco to Joint Market Kmart Stores.
Standbys: Market Recap, including the Credit Markets; Winners & Losers; and New
Highs and Lows, including Preferreds.
The Morgan Stanley REIT Index (RMS) shed 0.44%, or 1.83 points, on Valentine's
Day. Volume (see below) was lighter than usual. Year-to-date through Friday's
close, RMS had posted a negative 4.3% total return.
Losers outnumbered gainers, on Friday. 73 of the 113 companies that comprise the
Morgan Stanley REIT Index closed down; 36 ended the day up; and 4 were
unchanged.
The average weighted yield on the Morgan Stanley REIT Index (at Friday's close)
was 7.6%. RMS finished 2002 with an average weighted yield of 7.1%.
19.5 million shares changed hands, on Friday; down from Thursday's 21.9 million
shares. Over the prior 30-day period, RMS' average daily volume was 22.2 million
shares.
02/21/2003
{Page}
Page 2 of 5
A1277
The Just Say "No" Defense
As we reported in a REIT Flash yesterday, approximately 85% of the outstanding
common shares of Taubman Centers (TCO) were tendered in response to
Simon/Westfield's $20 per share offer.
According to a Simon/Westfield press release, a total of 44,135,107 of the
52,207,756 common shares outstanding had been tendered as of midnight on
February 14, 2003. Simon/Westfield extended their tender until midnight East
Coast time on March 28.
ROUGHLY AN hour after the tender results hit the wire, Taubman Centers issued a
statement reiterating that its board believes the Simon/Westfield offer is
"inadequate, opportunistic and does not reflect the underlying value of the
company's assets or its growth prospects."
Taubman's press release dismissed what buy-siders and analysts said was a much
greater-than-expected response to the Simon/Westfield tender offer. "We figured
the number, at best, would be in the low- to mid-70% range, one buy-sider told
us. The vote, he added, signals that investors who have been at this a long time
believe the Simon/Westfield offer is a credible one. "We believe it's now up to
the Taubman family and TCO's independent directors either to come up with a
better deal, or to sell the company to Simon/Westfield," he stressed.
He added the suggestion by the Taubman family and the company's independent
directors that the company is worth north of the $20 now on the table
conveniently ignores at least two crucial points.
First, he said, the issue isn't what the company is worth, but rather whether a
$20 per share offer today is superior to what a lot of savvy investors believe
the company is likely to be trading at, say, 3 years from today. "To reject this
offer you have to believe that TCO would be changing hands at a price that on a
present value basis would exceed $20 per share, today. We don't think that's
case."
Second, he underscored, that discussions about what Taubman is "worth" are
rendered moot by the family's and board's action. "Management and the board have
demonstrated an unwillingness to unlock what they contend is substantial value
in excess of what the shares are trading for, today. If you look back at the
roughly ten-year trading history for this company, it has always changed hands
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