Simon Property Group Recommends Shareholders Reject Below-Market Mini-Tender Offer By Peer & Peri LLC
Simon is not affiliated in any way with Peer & Peri, the offer, or the offer documentation. However, the rules and regulations of the Securities Exchange Act of 1934 require Simon to publicize its position with respect to the offer. Simon recommends against shareholders tendering shares in response to the offer, as the offer price was significantly below the market price of Simon's stock as of the commencement of the offer, and is also significantly below yesterday's closing price of
The offer also does not provide investors with the same level of protections under U.S. federal securities laws as provided by larger tender offers. Mini-tender offers seek to acquire less than five percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements under U.S. federal securities laws and the rules and regulations of the
Simon urges shareholders to obtain current market quotations for their shares of common stock, review the conditions of the offer, consult with their financial advisors, and exercise caution with respect to the offer. Shareholders who have already tendered their shares may withdraw their shares prior to the expiration of the offer by providing notice in the manner described in Peer & Peri's Offer to Purchase and Letter of Transmittal. According to the offer documents, the offer is currently scheduled to expire at
Simon requests that a copy of this news release be included with all distributions of materials relating to Peer & Peri's offer.
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an
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Tom Ward, 317-685-7330, Investors or Ali Slocum, 317-264-3079, Media