TCO - Simon Property finally closes Taubman purchase

Simon Property Group ([[SPG]] +0.4%) completes its acquisition of an 80% stake in Taubman Realty Group Limited Partnership ("TRG"), ending a tumultuous saga that included attempts to end the deal and lawsuits before agreeing on a new agreement in November.As part of the deal, Simon acquired all shares of Taubman Centers (TCO) common stock for $43.00 per share in cash.The Taubman family sold about a third of its ownership interest at the transaction price and remains a 20% partner in TRG."This investment will enhance the ability of TRG to establish innovative retail environments for consumers and to create new job prospects for the communities in which it operates," said Simon Chairman, CEO and President David Simon, noting that the deal adds "some of the world's premier retail assets" to SPG's portfolio.Total consideration for the acquisition, including the redemption of TCO's 6.5% series J cumulative preferred shares and its 6.25% series K

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Simon Property finally closes Taubman purchase