Taubman Centers Rejects Simon Offer

Taubman Centers Inc. rejected Simon Property Group Inc.’s second offer to buy the mall developer, saying the $3.83-billion bid doesn’t reflect the value of projects the company has just completed.

Simon Property last week started an $18-a-share tender offer for its rival after a $17.50 bid was rejected.

Taubman Centers owns or manages 30 of the most profitable malls in the country, including the Beverly Center in Los Angeles. Simon Property has 249 properties, including the Forum Shops at Caesars Palace in Las Vegas.

Shares of Bloomfield Hills, Mich.-based Taubman fell 41 cents to $16.39 on the NYSE. Simon Property fell 60 cents to $33.38, also on the NYSE.