INDIANAPOLIS, Dec. 12, 2012 /PRNewswire/ -- Melvin Simon & Associates, Inc. ("MSA") confirmed today that Bren Simon, Deborah Simon and Theodore R. Boehm, in his capacity as Successor Trustee of the Melvin Simon Family Enterprises Trust and Personal Representative of the Estate of Melvin Simon, have reached an agreement to settle all litigation relating to the will and trust of the late Melvin Simon.
In connection with that settlement, MSA has agreed to sell 3.0 million shares of common stock of Simon Property Group, Inc. owned by MSA. The net proceeds from the sale of that stock will be distributed to MSA's shareholders, the Melvin Simon Family Enterprises Trust and the Herbert Simon Revocable Trust.
Following the sale of these shares, members of the MSA group, consisting of MSA, the Melvin Simon Family Enterprises Trust, Herbert Simon, David Simon and various entities and trusts controlled by them, will continue to collectively own, directly or indirectly, 26,451,178 shares and units of Simon Property Group. No further sales of Simon Property Group shares are required to effect the settlement of the litigation, and representatives of the MSA group have confirmed that there is no current intention to sell any of the MSA group's remaining holdings in Simon Property Group.
SOURCE Melvin Simon & Associates, Inc.