Simon Buys Taubman

Simon buys Taubman.
   
Simon Property Group buys 80 percent of Taubman Centers for 3.6 billion.
   
Founder Alfred Taubman was a pioneer developer who exploited the explosive growth of America’s suburbs. He built an empire of upscale regional malls, such as Mall at Short Hills in New Jersey, Woodfield Mall outside Chicago, Waterside Shops in Naples, and Beverly Center in Los Angeles. Taubman’s 26 shopping centers in the US and Asia are the most productive in the US regional mall industry. These will continue to be managed under the leadership of Robert Taubman, in partnership with Simon.
   
David Simon said: ‘We are happy to announce this transaction, which will be immediately accretive to Simon's FFO. By joining together, we will enhance the ability of TRG to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers, and substantial new job prospects for local communities. I look forward to partnering with Bobby and the TRG executive team in this exciting new joint venture.’
   
Myron of Ullman of Taubman said: ‘The Taubman Board of Directors has always been focused on maximizing shareholder value. With this transaction, we will deliver a significant, immediate cash premium to shareholders. The Special Committee of the Board unanimously believes that this transaction with Simon is a great outcome for all our stakeholders.’
   
Robert Taubman added: ‘Since Taubman Centers' founding 70 years ago, we have built a portfolio of high-quality assets and continuously adapted to the evolving retail landscape. I am proud of all that this company's talented employees have achieved and am thrilled to have the opportunity to join together with Simon through this joint venture. Over the last years, David and I have developed a personal relationship and importantly, Simon shares our commitment to serving retailers, shoppers, and the communities in which we operate. The Board and I are confident that Simon is the ideal partner to help us build on our progress.’
BofA Securities served as financial advisor to Simon. Paul, Weiss, Rifkind, Wharton & Garrison, and Latham & Watkins served as legal advisors.
    
Goldman Sachs and Lazard served as financial advisors to Taubman. Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis, and Honigman served as legal advisors.

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