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Simon Property Group Drops Bid for Taubman Centers.

Detroit Free Press Knight Ridder/Tribune Business News

Oct. 9--Simon Property Group Inc. withdrew its hostile bid for Taubman Centers Inc. on Wednesday, ending an 11-month battle complete with courtroom drama, public bickering and a new law blocking the $1.7-billion hostile takeover.

Indianapolis-based Simon Property and its partner, Westfield America Inc., launched the bid last November. Simon, the nation's largest mall operator with 242 properties, coveted Taubman's 30 high-end mall properties in 13 states. It was one of the bitterest corporate takeo

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