US-based Simon Property to buy Taubman for $3.6 billion
Simon Property Group Inc, the biggest U.S. mall operator, on Monday agreed to buy rival Taubman Centers Inc in a deal valued at $3.6 billion. Taubman's shares jumped 53.6%, trading above the offer price of $52.50. They had closed at $34.63 on Friday. Simon said it would buy an 80% stake in Taubman Realty Group (TRG) Ltd Partnership, the entity through which Taubman Centers conducts its business. Taubman family will sell about a third of its interest in TRG and remain a 20% partner in the firm, the companies said. Taubman's stock has climbed nearly 23% since a media report on Feb. 4 said Simon was holding deal talks with the company.
Tags : INTERNATIONAL