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November 16, 2020 Comments (0) Views: 879 National News, Properties, Top National

Simon, Taubman Reach Revised Agreement on Merger

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Simon Property Group and Taubman Centers said Sunday that they’d reached a revised merger agreement that would see Simon paying $43 per share, rather than the $52 per share Simon was originally prepared to pay. Indianapolis-based Simon walked away from the $3.6-billion deal in June and filed suit against Bloomfield Hills, MI-based Taubman, charging that Taubman breached its obligations related to the operation of its business.

The modified merger agreement continues to provide that Simon will acquire an 80% ownership interest in the Taubman Realty Group (TRG) Limited Partnership. The Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG. 
The merger is expected to close in late 2020 or early 2021, subject to Taubman shareholder approval and customary closing conditions.  Simon and Taubman also have settled their pending litigation, the two companies said.

Pictured: Taubman’s Mall at Short Hills in Short Hills, NJ.

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