Taubman Merger Agreement
BLOOMFIELD HILLS, Mich.– (BUSINESS WIRE)-Taubman Centers, Inc. (NYSE: TCO) (the “Company”) At a special shareholder meeting, shareholders today announced the already announced merger agreement (“the merger agreement”) of February 9, 2020, the company, the Taubman Realty Group Limited Partnership (in collaboration with taubman), Simon, Inc. (NYSE: SPG) (“Simon”) and certain other parties, as well as the merger treaty transactions (the “transactions”), were approved and accepted. Kirkland also represented the special commission of the Taubman Centers Board of Directors in the initial merger agreement with Simon. For more information, click here. INDIANAPOLIS and BLOOMFIELD HILLS, Mich., November 15, 2020 /PRNewswire/ — Simon Property Group, Inc (NYSE: SPG) (“Simon”) and Taubman Centers, Inc. (NYSE: TCO) (“Taubman”) announced today that they have entered into a definitive agreement amending certain terms of the original merger agreement,”an amended purchase price of $43.00 per share in cash and other provisions to reduce closing conditions. Investors in both companies breathed in when they woke up to the conclusion of the merger saga. Taubman shares rose 8.4% on Monday, while Simon rose 5.7% that day. Indianapolis and Bloomfield, Me. – Simon Property Group and Taubman Centers Inc.
have amended their merger agreement to register a new purchase price of 43 $US per share, allowing Simon to continue to acquire an 80% interest in Taubman. Taubman Centers is a S-P MidCap 400 Real Estate Investment Trust that manages and leases 26 regional, supraregional and outlet shopping malls in the United States and Asia. Taubman`s U.S. real estate is the most productive of the U.S. public mall industry. Taubman was founded in 1950 and is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com. Maria Mainville, Taubman, Director, Strategic Communications, 248-258-7469 mmainville@taubman.com Following the abandonment of the merger plans in June, Property Group entered into an agreement to acquire Mall`s competing owner, Taubman Centers Inc. The companies agreed on an amended purchase price of $43 $US per share, up from the initial $52.5 per share that the parties had already negotiated in February. The transaction is expected to be completed by the end of the year or early 2021, after Taubman shareholders have approved it and other customary closing conditions have been met.
The amended merger agreement also provides for Simon to acquire an 80% interest in the Taubman Realty Group “FIT”. The Taubman family will sell about one-third of its shareholding at the transaction price and remain a 20% partner in FIT. Taubman responded by bringing his own action by insisting on the need for Simon to pursue the merger agreement. The trial was to be decided before the Circuit Court for the Sixth Judicial District in Oakland County, Mich. Under the original agreement reached in February, Indianapolis-based Simon has acquired an 80% stake in Michigan-based Taubman for $3.6 billion. Kirkland-Ellis advises the Special Committee of the Board of Directors of Taubman Centers, Inc. (NYSE: TCO) in its amended and revised merger agreement with Simon Property Group, Inc. (NYSE: SPG) that reviews certain terms of the original merger agreement, such as. B an amended purchase price of $43.00 per share and other provisions to reduce conditionality. The amended and amended merger agreement also provides for Simon to acquire an 80% interest in taubman Realty Group Limited Partnership (“T FIT”).