Simon Property Group Inc. (SPG) announced the underwritten public offering of 5.87 million shares of its common stock by the Melvin Simon Family Enterprises Trust, as selling stockholder.
The shares were issued to the Trust in exchange for 6.53 million units of limited partnership interest of Simon Property Group, L.P., the Company's operating partnership subsidiary, in connection with the settlement of litigation between the Trust and the Company.
As a consequence of the exchange, the number of fully diluted shares of the Company has been reduced by 652,625 shares, Simon Property Group said.
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