Mall owner Simon Property Group has terminated their agreement to buy Taubman Centers.
“Simon's termination of the Merger Agreement is based on two separate and independent grounds. First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other participants in the retail real estate industry. Second, in the wake of the pandemic, Taubman has breached its obligations, which are conditions to closing, relating to the operation of its business.”
Simon Press Release
Taubman stock is down nearly 20% today as shareholders evaluate the company’s prospects without the tie-up.