Simon Property to merge with Taubman in a $2.6bn.

Simon Property Group, a real estate investment trust, completed the merger with Taubman Realty Group, a REIT engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the US and Asia, in a $2.6bn deal. “Taubman’s significant proportion of enclosed retail properties located in densely populated major metropolitan areas, dependence on both domestic and international tourism at many of its properties, and its focus on high-end shopping have combined to impact Taubman’s business disproportionately due to the Covid-19 pandemic when compared to the rest of the retail real estate industry,” Simon Property Group. On November 15, 2020, both parties agreed to a revised offer of $43 per share, making the acquisition price $2.6bn.