On Sunday Simon Property Group and Taubman Centers announced that they had reached an agreement to modify the terms of a $3.6 billion merger agreement struck earlier this year, including a new purchase price of $43.00 per share in cash and other provisions.
Under the original deal Simon agreed to acquire an 80% ownership interest in Taubman for cash, buying all of Taubman common stock for $52.50 per share.
The agreement was announced a few short weeks before the pandemic made its presence known in the US and the economy started to shut down in response. By June Simon Property Group announced it was terminating the agreement and filed suit in the Circuit Court for the 6th Judicial Circuit of Oakland County, Mich.
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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.
