SPG - Taubman Centers Ready Willing and Able to Merge With Simon Property Group After Shareholder Vote
Simon Property Group (NYSE: SPG) no longer wants to acquire a strong majority in fellow retail real estate investment trust (REIT) Taubman Centers (NYSE: TCO), but the latter continues to push the deal. Taubman said that its shareholders overwhelmingly approved the merger agreement reached in February between the two companies.
Under the agreement, in an all-cash deal, Simon Property Group was to buy 80% of Taubman's common stock. The price was $52.50 per share, which at the time represented a 51% premium to Taubman's share price. All told, the deal was valued at $3.6 billion.
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