Simon Property and Taubman revise terms of merger deal

Under the original agreement announced in February, Taubman shareholders were to receive $52.50 per share in cash. The revised agreement continues to provide that Simon will acquire an 80% ownership in The Taubman Realty Group (TRG) Ltd Partnership, they said. The Taubman family will sell about one-third of its ownership interest at the transaction price and continue to hold a 20% stake in TRG, the companies added.