Simon Property said on June 10 it is terminating its merger agreement to buy rival mall operator Taubman Centers. The two companies agreed on Feb. 9 to merge. Simon was to pay Taubman shareholders $52.50 per share in cash, equivalent to $3.6 billion.
Simon cited Covid-19, which it claims has had “a uniquely material and disproportionate effect” on Taubman properties. Simon also said that Taubman breached its obligations by not cutting operating expenses and capital expenditures in response to the pandemic.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mall operator Simon Property abandons $3.6 billion acquisition of TaubmanSimon Property Group Inc , the biggest U.S. mall operator, said on Wednesday it was ending its $3.6 billion deal to buy Taubman Centers Inc , citing the beating the retail sector has taken during the COVID-19 pandemic. 2020 is not a good year for M&A. I know in the LATAM we are about 50% down in trx….
Source: Reuters - 🏆 2. / 97 Read more »
Robinhood traders are piling into Hertz, JCPenney, and other bankruptcy stocks despite the massive risks | Markets InsiderRobinhood traders are betting on bankrupt companies including Hertz and JCPenney, even though shareholders tend to be losers in the bankruptcy p... The speculators are gonna get burnt... Yah right Virus Survivors Could Suffer Severe Health Effects for Years ['
Source: BusinessInsider - 🏆 729. / 51 Read more »
Exclusive: Fiat, PSA merger hits EU roadblock, may need concessions - sourcesFiat Chrysler's planned $50 billion merger with Peugeot maker PSA has hit a bump after EU regulators voiced concerns about the companies' market share in small vans, indicating concessions may be required, sources said. aliasvaughn Are they trying to corner the lemon market?
Source: Reuters - 🏆 2. / 97 Read more »
Mall operator Simon Property abandons $3.6 billion acquisition of TaubmanSimon Property Group Inc , the biggest U.S. mall operator, said on Wednesday it was ending its $3.6 billion deal to buy Taubman Centers Inc , citing the beating the retail sector has taken during the COVID-19 pandemic. 2020 is not a good year for M&A. I know in the LATAM we are about 50% down in trx….
Source: Reuters - 🏆 2. / 97 Read more »