Simon Property, Taubman agrees to cut prices in reverse merger

High-end shopping mall developer Taubman Centers Inc. has agreed to accept a price cut in its acquisition by Simon Property Group Inc., in a move that will allow the companies to avoid a lengthy legal battle that was supposed to start on Monday.

The companies agreed that Simon SPG,
+ 8.04%
he will pay $ 43 a fee for Taubman under the new deal, they said Sunday. This is down from the original price of $ 52.50.