Real Estate

Simon Property Group to acquire Taubman Centers for $3.6B in cash

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Shoppers walk through the King of Prussia mall in King of Prussia, Pennsylvania.

Jennah Moon | Bloomberg | Getty Images

Taubman Centers shares skyrocketed Monday after the mall owner agreed to be bought by larger rival Simon Property Group in a deal valued at $3.6 billion.

The companies said Simon plans to acquire Taubman’s stock for $52.50 a share, or a 51% premium to where Taubman shares closed on Friday.

The news sent Taubman’s stock soaring up 52% after it resumed trading following a halt for the announcement. Simon shares were up less than 1% in premarket trading. Simon’s stock, which has a market value of $45.2 billion, is down 24% over the past 12 months.

Simon, which is known for…



Source cnbc.com

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