Stock Alert: Taubman Centers Jumps 10% Amid Merger Talks

(RTTNews) - Taubman Centers Inc. (TCO) is currently up 10% after Bloomberg reported that the company has held merger talks with Simon Property Group (SPG).

Taubman shares are currently trading at $31.03, up $2.78 or 9.84%, on the NYSE. The stock's trading volume is 5.8 million shares, above its 3-month average volume of 845 thousand. However, the stock price is still about 40% below the $52 high it reached in April last year.

According to Bloomberg, real estate investment trusts Simon Property have been holding on-and-off-again discussions since late last year. The discussions have stalled recently amid market volatility and it's unclear when and if the talks will resume.

Simon had previously tried to acquire Taubman as well as shopping center REIT Macerich.