Simon Property Sees Support for Deal

Simon Property Group Inc., the world’s largest mall owner, said holders of 85% of the common stock in rival mall owner Taubman Centers Inc. agreed to its $4.25-billion offer.

About 44.1 million of 52.2 million Taubman Centers shares were tendered as of Friday, said Dan Gagnier, a spokesman for Simon Property, which is joined in its bid by Australia’s Westfield America Inc. Taubman Centers’ board has recommended investors reject the $20-a-share offer, and Simon Property had threatened to abandon its bid if at least two-thirds of the shares weren’t tendered.

The battle for Taubman Centers, which has 30 of the most profitable malls in the U.S. based on retail sales, isn’t over. A sale of the company requires the approval of shareholders owning two-thirds of the shares, and the Taubman family has a 30% stake through a series of preferred shares.

Shares of Taubman rose 18 cents to $16.66 in New York Stock Exchange trading Friday.