Thursday, June 11, 2020

Simon pulls out of $3.6B Taubman deal

Retail Dive
Taubman on Wednesday confirmed that it received Simon Property Group's notice, but called it "invalid and without merit," and said Simon remains "bound to the transaction in all respects." Taubman also said it will "vigorously contest Simon's purported termination and legal claims," and "pursue its remedies to enforce its contractual rights under the Merger Agreement, including, among other things, the right to specific performance and the right to monetary damages, including damages based on the deal price." The mall developer said the special shareholders meeting to vote on the original proposal is still on for June 25, according to a press release emailed to Retail Dive. . . . more