Simon Property Group Drops Acquisition of Taubman Centers
Simon Property Group (NYSE: SPG) will no longer pursue its $3.6 billion acquisition of fellow mall operator Taubman Centers (NYSE: TCO). It said the coronavirus pandemic had too great of an impact on Taubman, and that Taubman failed to take the necessary steps to protect its business during the crisis.
The acquisition was announced in February and Simon had said the deal would be at least 3% immediately accretive to its funds from operations per share on an annualized basis.
Image source: Getty Images.
Source Fool.com
