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November 17, 2020

Simon, Taubman to ring up mall deal

INDIANAPOLIS, Ind. (AP) — Simon Property Group, the nation's biggest mall owner, has negotiated a lower price to purchase a controlling interest in Taubman Centers in a deal that was nearly killed by the coronavirus pandemic.

The companies said Sunday that Simon will pay $43 per share for Taubman, down 18% from the price of $52.50 when the deal was announced in February, just weeks before the virus upended the retail industry by causing the temporary closure of many stores across the country. The deal was valued then at $3.6 billion.

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