Retail

Mall owner Simon terminates its deal to buy Taubman due to pandemic

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Simon Property Group, the biggest U.S. mall owner, said Wednesday that it has exercised its contractual rights to terminate its deal to acquire high-end mall owner Taubman Centers

Taubman shares initially tanked more than 40% on the news, but were recently down about 18%. Simon shares were last down about 3%. 

Taubman later Wednesday afternoon confirmed in a statement that it received the termination notice from Simon. It said it believes the termination is “invalid and without merit, and that Simon continues to be bound to the transaction in all respects.” 

Taubman said it intends to hold Simon to its obligations, and that it will “vigorously contest Simon’s purported termination and…



Source cnbc.com

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