After just one new deal announced in the prior four weeks, merger activity increased last week with three new deals announced, three deals closing, and one suitor attempting to walk away from a deal.
Simon Property Group (SPG) attempted to walk away from its acquisition of Taubman Centers (TCO) last week. SPG filed an action against Taubman Centers requesting a declaration that Taubman has suffered a Material Adverse Event ("MAE") under the Merger Agreement and has breached the covenants in the Merger Agreement governing the operation of Taubman's business. If the