Simon Property Group Inc. plans to take control of rival mall owner Taubman Centers Inc., the Wall Street Journal reported. Indianapolis-based Simon today said that it would pay $52.50 a share in cash for Taubman’s shares, giving it control over the Taubman subsidiary that owns all of that company’s interest in retail properties, the companies said Monday. The Taubman family will sell Simon about one-third of its ownership interest in Taubman and remain 20 percent owner in the operating subsidiary of its namesake real-estate firm. Simon will own 80 percent of the Taubman operating entity when the transaction is completed. The deal values Taubman at $3.21 billion, based on the number of shares outstanding as of late October. Taubman, based in Bloomfield Hills, Mich., owns, manages or leases out 26 malls in the U.S. and in Asia, including Cherry Creek Shopping Center in Denver and Twelve Oaks Mall located outside of Detroit. Simon owned or controlled a stake in 204 properties in the U.S. as of Sept. 30 last year, such as Dadeland Mall in Florida, Copley Place in Boston and outlet shopping centers.
