INDIANAPOLIS—Simon Property Group has terminated its $3.6 billion merger agreement it struck with Taubman Centers on Feb. 9, 2020.
The REIT also filed an action in the Circuit Court for the 6th Judicial Circuit of Oakland County, MI against Taubman requesting a declaration that Taubman has suffered a material adverse event under the merger and has breached the covenants in the deal.
Essentially, Simon's reasons for pulling out of the deal are that Taubman has suffered disproportionately from the pandemic compared with its peers and that it didn't fulfill the requirements of the merger agreement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
