Simon Ends Merger Agreement with Taubman, Citing COVID-19 Issues

Simon Property Group, Inc. (NYSE: SPG) said it has terminated its merger agreement with Taubman Centers, Inc. (NYSE: TCO) on the grounds that the pandemic has disproportionately hurt Taubman’s operations.

The proposed merger was first announced in February, when Simon said it had agreed to take a controlling stake in fellow retail real estate REIT Taubman Centers in a cash deal valued at approximately $3.6 billion.