While Simon Property Group Inc. has ostensibly put fellow mall-based REIT Taubman Centers Inc. into play with a $920 million hostile bid, until a third party steps in, Street sources predicted a stalemate. On Nov. 13, $6.3 billion market cap Simon publicized a $17.50-per-share, or $920 million, cash offer in a letter to the Taubman board. That day, Taubman shares reached as high as $17, before closing at $16.95. At press time, the shares of Bloomfield Hills, Mich.-based Taubman closed at $16.13 each.
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