Mall operator Taubman Centers surges 54% as rival Simon agrees to a $3.6 billion acquisition
has proclaimed the death of the American mall. Taubman's stock had previously been trading down 29.49% versus a year go. Its funds from operations, a measure of cash flow, came in below analyst expectations for the last quarter, the company also announced in an earnings statement Thursday.
Taubman Centers operates 26 shopping centers through its Taubman Reality Group unit. The firm is an S&P MidCap 400 real estate investment trust. The deal will allow Taubman Realty Group to invest in new shopping experiences and creates new job opportunities in the regions it operates in, said CEO of Simon, David Simon, in a Monday statement. Simon Property Group is an S&P 100 company that operates entertainment, shopping, and eating businesses.
Simon will pay $52.50 per share of Taubman Centers, all in cash, and will also have an 80% ownership stake in Taubman Realty Group Limited Partnership. Robert Taubman, Taubman's current CEO, will continue to run TRG alongside Simon.
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