Taubman Centers Inc – ‘SC 14D9/A’ on 7/14/03 re: Taubman Centers Inc – EX-99

On:  Monday, 7/14/03, at 4:41pm ET   ·   Accession #:  898822-3-724   ·   File #:  5-42862

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Amendment to Tender-Offer Solicitation/Recommendation Statement   —   Schedule 14D-9
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 14D9/A   Amendment No. 39                                       4     13K 
 2: EX-99       Press Release Issued by Tco. on July 10, 2003          2      9K 

EX-99   —   Press Release Issued by Tco. on July 10, 2003

EX-99
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[Taubman Logo]                                                                  

                                                 Taubman Centers, Inc.
                                              200 East Long Lake
                                                      Bloomfield Hills, MI 48304
                                          (248) 258-6800

CONTACT: Barbara K. Baker (Investors)                                           
(248) 258-7367                              

Karen Mac Donald (Media)                    
(248) 258-7469                              
www.taubman.com                             

TAUBMAN ACQUIRES ADDITIONAL INTEREST IN MACARTHUR CENTER                        

  BLOOMFIELD HILLS, Mich., July 10, 2003 - - Taubman Centers, Inc.
(NYSE:TCO) today announced it has acquired an additional 25 percent interest in 
MacArthur Center (Norfolk, VA) from Norfolk Place LP, a partnership controlled  
by Alexius Conroy of Fairfield, Connecticut, increasing its ownership in the    
center to 95 percent. Conroy will retain a five percent interest in the         
property. The $45.4 million of consideration consists of $4.87 million in cash, 
190,909 Taubman operating partnership units valued at $27.50 per unit and $35.3 
million of beneficial interest in debt attributable to this interest that       
encumbers the center. The transaction is expected to be approximately one-cent  
accretive to Taubman Centers Funds from Operations per share during the twelve  
months following closing.                                                       
  "We are pleased to have an opportunity to increase our ownership
interest in MacArthur Center at an attractive price," said Robert S. Taubman,   
chairman, president and chief executive officer of Taubman Centers. "We welcome 
Alex Conroy, a savvy real estate investor and developer who we have known for   
many years, as a new partner in the company."                                   
        "By exchanging a substantial interest in the very successful MacArthur
Center property into Taubman units, I will be able to participate more broadly  
in Taubman's exceptional portfolio of retail properties," said Conroy.          
  "This transaction reflects my belief that Taubman is the leading
developer and manager of premier regional shopping centers in the country. While
others accumulate endless square feet of product, no other company has the      
heritage of refined and sophisticated skills that is necessary to create,       
assemble, and manage retail environments with the highest productivity in the   
industry."                                                                      

-more-

EX-99
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Taubman Centers/2                                                               

        MacArthur Center, which opened its doors in March, 1999, was developed
by Taubman and Conroy. Noted for bringing an impressive number of "firsts" to   
Hampton Roads shoppers, the 937,000 square foot center is anchored by Nordstrom 
and Dillard's. Located in historic downtown Norfolk, its website is             
WWW.SHOPMACARTHUR.COM.                                                          
    Taubman Centers, Inc., a real estate investment trust, owns and/or
manages 30 urban and suburban regional and super regional shopping centers in 13
states. In addition, Stony Point Fashion Park is under construction and will    
open September 18, 2003, and Northlake Mall (Charlotte, N.C.) will begin        
construction later this year and will open fall 2005. Taubman Centers is        
headquartered in Bloomfield Hills, Mich.                                        

   This press release contains forward-looking statements within the
meaning of the Securities Act of 1933 as amended. These statements reflect      
management's current views with respect to future events and financial          
performance. Actual results may differ materially from those expected because of
various risks and uncertainties, including, but not limited to changes in       
general economic and real estate conditions, changes in the interest rate       
environment, the availability of financing, and adverse changes in the retail   
industry. Other risks and uncertainties are discussed in the Company's filings  
with the Securities and Exchange Commission including its most recent Annual    
Report on Form 10-K.                                                            

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Dates Referenced Herein

				Referenced-On Page
This ‘SC 14D9/A’ Filing		Date		First		Last			Other Filings
		9/18/03		2					None on these Dates
Filed on:		7/14/03
		7/10/03		1
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