TCO - Simon Property taps stock market for Taubman funding; shares fall 2.5%

Simon Property Group (SPG) slips 2.5% in premarket trading after starting an offering of 17.5M shares of common stock that will help pay for its acquisition of 80% of Taubman (TCO).Expects to grant greenshoe option for up to an additional 2.625M shares.Intends to use proceeds to fund the previously announced acquisition of an 80% interest in Taubman Realty Group Limited Partnership in part and for other general corporate purposes, which may include repaying or repurchasing debt, working capital and capex.

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Simon Property taps stock market for Taubman funding; shares fall 2.5%