Luxury mall owner Taubman Centers, Inc. announced that its shareholders at a special meeting approved a merger agreement between Taubman Realty Group and the biggest mall owner in America Simon Property Group
The companies agreed on a lower price for the deal last month. Simon Property is now set to take over Taubman Centers for $43 per share in cash.
The original deal – agreed upon prior to the pandemic – was for $52.50 per share.
The original deal structure, where Simon will acquire an 80 percent ownership interest in Taubman while the Taubman family will sell roughly one-third of its ownership stake and remain a 20 percent partner, remained unchanged.
Over 99.9 percent of the shares voted were in favor of the Merger Agreement and the Transactions, which constitutes approximately 80.1 percent of the outstanding shares entitled to vote. Shares voting in favor also included approximately 71.7 percent of the outstanding shares entitled to vote held by shareholders other than the members of the Taubman family. The final vote results, as certified by the independent Inspector of Election, will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
Subject to customary closing conditions, the transactions are expected to close in late 2020 or early 2021.
