Deals
Simon to Buy Taubman for $3.6 Billion to Fight Retail Slump
- Deal combines rival mall operators as shoppers flock online
- REITS tied to shopping centers have struggled in recent months
This article is for subscribers only.
Simon Property Group Inc. agreed to buy rival U.S. shopping-mall operator Taubman Centers Inc. for about $3.6 billion, a combination that comes as e-commerce continues to roil brick-and-mortar retail.
Simon will pay $52.50 a share in cash for all of Taubman’s common stock, the companies said in a statement Monday. That’s about 51% more than Taubman’s closing share price on Friday. Simon said it expects to fund the purchase with existing liquidity.