Simon Property Group (SPG) terminates merger agreement with Taubman Centers (TCO).

Simon Property Group, Inc. (SPG) announced today that it has exercised its contractual rights to terminate the February 2009 merger agreement with Taubman Centers, Inc. (TCO).  In its press release, SPG cited the "material and disproportionate" effect that the COVID-19 pandemic has had on the Taubman portfolio, and TCO's failure "to take steps to mitigate the impact of the not making essential cuts in operating expenses and capital expenditures."

Simon has also filed a legal action against Taubman, requesting a court declaration that TCO has breached its merger covenants and suffered a Material Adverse Event under the merger agreement.