Simon calls off deal for International Plaza
June 10, 2020 - Simon Property Group said it has exercised its contractual rights to terminate its merger agreement with Taubman Centers. The $3.6 billion deal, announced in February, would have given Simon an 80 percent ownership interest in The Taubman Realty Group Limited Partnership, which owns, manages and/or leases 26 super-regional shopping centers in the U.S. and Asia, including International Plaza in Tampa. Simon (NYSE: SPC) said in a news release that it has filed a court action in Michigan against Taubman, requesting a declaration that Taubman has suffered a material adverse event under the merger agreement and has breached the covenants in the merger agreement governing the operation of Taubman's business. Simon Property Group is the largest mall owner in the United States, and owns Tyrone Square in St. Petersburg.