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Simon Property Group To Acquire Taubman Centers at a Discount
Simon will acquire its fellow mall owner at a discount of around $800 million after revising the terms of the deal.
Simon will acquire its fellow mall owner at a discount of around $800 million after revising the terms of the deal.
Indianapolis—Simon Property Group’s acquisition of Taubman Centers will go through, albeit at a lower price.
Simon has agreed to a modified purchase price of $43 per share, down from the initial $52.50 per share.
The discount amounts to around $800 million less than the original price of $3.6 billion.
Simon had tried to back out of the deal in June, believing the company would be adversely affected by the COVID-19 pandemic.
The mall operator has several factors working against it, said Simon—a significant number of enclosed retail properties, and malls located in major metropolitan areas that depend on domestic and international tourists and showcase high-end stores.
Simon also claimed Taubman failed to protect itself against the impact of the pandemic or take cues from others in the industry, including by not making “essential cuts” to its operating expenses and capital expenditures.
The two were heading to Oakland County Superior Court in Michigan to discuss the deal, but the pending litigation has been settled, according to a press release.
As per the deal, Simon will acquire 80 percent ownership of Taubman Centers.
The Taubman family will sell one-third of its ownership interest and remain a 20 percent partner in the company.
The boards of directors of Simon and Taubman, including a special committee of independent directors of Taubman, have agreed to the terms of the deal.
The acquisition is expected to close in late 2020 or early 2021, depending on Taubman shareholder approval and customary closing conditions.
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.
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