Mall owner Simon Property Group Inc. sweetened its offer to buy out its struggling rival General Growth Properties Inc.

Two months after its hostile bid was rejected, Simon said Wednesday that it will match a dueling offer for the company and invest $2.5 billion into its reorganization. It may also include a $1 billion investment from prominent financier John Paulson’s Paulson & Co.

Simon said its offer amounts to $10 a share. Its earlier offer was for $9 per share. That was rejected.

Indianapolis-based Simon owns or has an interest in 382 properties comprising 261 million square feet of leasable space in North America, Europe and Asia. Locally, it owns the Burlington Mall, Boston’s Copley Place and Braintree’s South Shore Plaza.

General Growth, under Chapter 11 federal bankruptcy protection, owns local properties including Boston’s Fanueil Hall marketplace and upscale Metrowest shopping destination The Natick Collection.

The Chicago company is considering a competing offer from Brookfield Asset Management.