Dow Jones Newswires | Simon Property Group Inc. has agreed to amend its offer to recapitalize General Growth Properties Inc., including lowering its voting rights to below 20 percent, Reuters news agency reported Tuesday, citing an unnamed source.

Simon told General Growth’s board last week it would be a passive shareholder that is willing to help, Reuters reported the source as saying on its Web site.

Simon has offered to invest $2.5 billion in General Growth and to
backstop another $3.8 billion in capital, Reuters said. The company has
been lining up other investors and has commitments for $2.1 billion of
additional capital, it added.

Blackstone Group is considering whether to participate in the recapitalization offer, the source said, Reuters reported.