Simon Property Group (SPG) and Taubman Centers revise merger agreement.
Simon Property Group (SPG) and Taubman Centers, Inc. (TCO) announced today that they have revised their prior merger agreement. The revised agreement now calls for a modified purchase price of $43.00/share for Taubman, an 18% reduction from the initial merger consideration of $52.50. The modified merger agreement also contains "other provisions to reduce closing conditionality." In light of the revised terms, Simon and Taubman have also settled their pending litigation between the two parties.