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Mall Owner Simon Property to Buy Rival For $3.6B
The company’s plan to acquire Taubman Centers comes just after the announcement that it would take part in a deal to buy Forever 21.
Simon Property Group’s portfolio boasts upscale shopping centers in the United States as well as overseas. The mall owner plans to acquire Taubman Centers in a deal valued at $3.6 billion.
Indianapolis—Simon Property Group announced plans to acquire rival mall owner Taubman Centers in a deal valued at $3.6 billion.
Simon will purchase Taubman’s stock for $52.50 per share, a 51 percent premium to its closing price Friday.
Known for its upscale shopping venues, Simon’s portfolio includes Copley Place in Boston and The Forum Shops at Caesars Palace in Las Vegas, as well as shopping centers across Europe and Asia.
Taubman owns, manages or leases 26 shopping centers in the United States and Asia, including the Beverly Center in Los Angeles and The Mall at Short Hills in New Jersey, as well as shopping centers in Xi’an, China and Hanam, South Korea.
“By joining together, we will enhance the ability of [Taubman] to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers and substantial new job prospects for local communities,” Simon Property Group President and CEO David Simon said in a press release.
President and CEO Robert Taubman will stay on to manage the family company.
The Taubman family will sell one-third of its stake, but remain a 20 percent partner in the company.
The family, which holds 29 percent of the voting stock, has agreed to vote in favor of the deal.
Holders of at least two-thirds of the outstanding voting stock and a majority of the stock not held by the family must also approve the transaction.
The deal is expected to close in mid-2020, subject to regulatory conditions and shareholder approval.
Simon Property Group was recently part of another major deal.
Alongside fellow mall owner Brookfield Property Partners and licensing company Authentic Brands Group, the group reached a deal to buy Forever 21 for $81 million after the fast-fashion retailer filed for bankruptcy.
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