FTC Examines Simon's $2.3B Prime Outlets Buy

Law360, New York (April 30, 2010, 6:31 PM EDT) -- The Federal Trade Commission is reviewing Simon Property Group Inc.'s proposed $2.3 billion takeover of Prime Outlets Acquisition Co.'s outlet shopping center operations, SPG's CEO said Friday.

“We have met with the FTC and are fully cooperating in that review,” David Simon said in an investor conference call, adding that the company expects to close the transaction on schedule.

Simon said that of the approximately 14 billion square feet of retail space in the United States, SPG controls only 3.5 percent.

“As you may know, the...
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