INDIANAPOLIS and BLOOMFIELD HILLS, Mich., Nov. 15, 2020 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG ) ("Simon") and Taubman Centers, Inc. (NYSE: TCO ) ("Taubman") today announced that they have reached a definitive agreement modifying certain terms of the original merger agreement (the "Original Merger Agreement"), including a modified purchase price of $43.00 per share in cash and other provisions to reduce closing conditionality. The modified merger agreement continues to provide that Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership ("TRG"). The Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG. The Boards of Directors of Simon and Taubman, including the Special Committee of independent directors of Taubman, have approved the terms of the transaction.