5 Firms Steer Simon's $3.6B Deal For Mall Operator Taubman
By Elise Hansen (February 10, 2020, 2:44 PM EST) -- Simon Property Group Inc. said Monday it will acquire fellow mall operator Taubman in a roughly $3.6 billion deal steered by Paul Weiss, Latham & Watkins, Wachtell Lipton, Honigman and Kirkland & Ellis.
Indiana-based Simon will pay $52.50 per share for all of Taubman Centers Inc.'s common stock and will become an 80% owner of the real estate investment trust's operating subsidiary, Taubman Realty Group (TRG) Limited Partnership, the announcement said.
The deal will help Michigan-based TRG invest in "innovative retail environments" in the face of a shifting retail landscape, Simon's CEO, David Simon, said in a statement.
"We will enhance the...
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