Simon Property Group, the largest shopping centre owner in the US, has reached a revised deal to buy rival Taubman Centers at a significantly lower price, people briefed about the matter said.
The move comes a day before they were set to meet in court over Simon’s attempt to walk away from the transaction following the coronavirus outbreak in the US.
Under the new terms, Simon will pay Taubman $43 per share, down from the $52.50 per share, or nearly $4bn, they had agreed in February, said those with knowledge of the matter.
Shares in Taubman are trading at almost $40.
More to follow