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Indoor malls such as the Mall at Short Hills in New Jersey regained momentum during 2021

Simon, Taubman Reach Revised Agreement on Merger

Simon Property Group and Taubman Centers said Sunday that they’d reached a revised merger agreement that would see Simon paying $43 per share, rather than the $52 per share Simon was originally prepared to pay. Indianapolis-based Simon walked away from the $3.6-billion deal in June and filed suit against Bloomfield Hills, MI-based Taubman, charging that Taubman breached its obligations related to the operation of its business.

The modified merger agreement continues to provide that Simon will acquire an 80% ownership interest in the Taubman Realty Group (TRG) Limited Partnership. The Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG. 
The merger is expected to close in late 2020 or early 2021, subject to Taubman shareholder approval and customary closing conditions.  Simon and Taubman also have settled their pending litigation, the two companies said.

Pictured: Taubman’s Mall at Short Hills in Short Hills, NJ.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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