Simon Property Group Raises Taubman Bid

Simon Property Group Inc., the largest mall owner, made a $3.83-billion hostile bid for rival Taubman Centers Inc.

The $18-a-share tender offer is 50 cents more than the unsolicited bid Taubman Centers rejected last month.

Simon owns six properties in California, including Brea Mall, Westminster Mall and the Shops at Mission Viejo. Taubman owns the Beverly Center in Los Angeles.

Taubman Center shares rose 29 cents to $16.75, and shares of Indianapolis-based Simon Property rose 28 cents to $33.83, both on the New York Stock Exchange.