Simon Property is paying $3.6 billion to acquire Taubman Centers, some 18 years after it first approached its smaller family-run rival. What would then have been a glamorous union now looks more like a marriage of convenience. jennifersaba TheRealLSL
Simon Property Group said on Feb. 10 it agreed to acquire an 80% ownership interest in the Taubman Realty Group, the operator of Taubman Centers. Simon will acquire Taubman’s common stock for about $3.6 billion, or $52.50 per share. The price is a 51% premium from the stock’s close on Feb. 7. The Taubman family will sell about one-third of its ownership interest and remain a partner with a 20% stake.
The Taubman family is subject to a two-year lock up and thereafter can exchange its interest for cash and/or Simon operating partnership units.
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