TCO - Taubman Arbitrage Now Carries Unacceptable Risk So I've Abandoned My Bullish Stance

In February of this year, Taubman Centers (TCO) agreed to be acquired by Simon Property Group (SPG) in an all cash transaction that valued TCO at $52.50 a share, a tremendous premium to the high $20's where they were trading prior to the announcement. Shares of course bounded up to that level with the announcement. Not long thereafter, the country was shut down in order to combat the spread of COVID-19. Mall owners and operators, which TCO and SPG both are, were particularly hard hit as their properties were completely shuttered