So where does that leave things—will they or won't they get hitched? Taubman's stock price appears to be the deciding factor.

When Simon announced the proposed merger in February, it agreed to acquire an 80% ownership interest in Taubman for cash, buying all of Taubman common stock for $52.50 per share. The stock's 50 day simple moving average, as of mid-June, hewed closer to $41 per share.

Simon did not explicitly mention stock price in its cancellation announcement. It did, however, allege Taubman dropped the ball on how it confronted the coronavirus from a corporate standpoint.

"In particular, Taubman has failed to take steps to mitigate the impact of the pandemic as others in the industry have, including by not making essential cuts in operating expenses and capital expenditures," Simon said.

Whether they can renegotiate the terms of the sale remains to be seen. Analysts cited by S&P Global Market Intelligence predict it will go forward.

They won't get there without more public maneuvering. Simon says it filed a lawsuit in Michigan against Taubman "requesting a declaration that Taubman has suffered a Material Adverse Event ('MAE') under the Merger Agreement and has breached the covenants in the Merger Agreement governing the operation of Taubman's business." Taubman says its shareholders will be asked June 25 to approve the merger as originally set forth. It also hints at taking legal action of its own.

"Taubman intends to pursue its remedies to enforce its contractual rights under the Merger Agreement, including, among other things, the right to specific performance and the right to monetary damages, including damages based on the deal price," the company said.

Other deals in commercial real estate dried up when the pandemic spread around the globe, but the ice may be beginning to break. Though the U.S. officially entered a recession, government restrictions on business activity began to lift, and the May jobs report came in rosier than expected.