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TCO - Simon Property Is Rethinking Its Merger With Taubman But Taubman Has The Upper Hand
Taubman Centers Inc.
Drama, and lots of it. Coronavirus has sent the world into a tailspin. Caught up in the cyclone is the pending acquisition of Taubman Centers (TCO) by Simon Property Group (SPG). Initially announced in February of this year, the terms were for an all-cash buyout of the TCO common at $52.50 plus accrued dividends and redemption of preferred at par value of $25, plus accrued dividends. Naturally this sent the common all the way up to the buyout price. Then Covid came in like a wrecking ball: