Simon to Buy Taubman Centers

Taubman Centers has been purchased for $3.6 billion by rival shopping center developer, Simon Property Group
Posted February 10, 2020

Taubman shareholders will make a 51 percent premium over the most recent closing price due to this deal.  On this news, Taubman shares increased more than 50 percent in pre-market trading. Stock is down 30 percent from one year ago, while shares are up 11 percent in 2020, reports CNN.

Taubman reported a fourth quarter loss due to restructuring, though its occupancy rate was about 94 percent at the end of 2019. Simon recently announced plans to purchase the assets of Forever 21 for $81 million, making this its second high profile purchase of the month.