High-end mall developer Taubman Centers Inc. has agreed to accept a price cut in its takeover by Simon Property Group Inc., in a move that will allow the companies to avoid a drawn-out legal battle that was set to start Monday.
The companies have agreed that Simon
SPG,
will pay $43 a share for Taubman under the new deal, people familiar with the matter said. That is down from the original price of $52.50.