BLOOMFIELD HILLS, MI—Taubman Centers is pushing back againstSimon Property's declaration that their $3.6 billion merger is terminated.
Taubman says that Simon's "purported" termination of the mergeragreement is invalid and without merit, and that "Simon continuesto be bound to the transaction in all respects."
The REIT also said that it intends to hold Simon to itsobligations under the merger agreement and it will vigorouslycontest Simon's purported termination and legal claims. "Taubmanintends to pursue its remedies to enforce its contractual rightsunder the merger agreement, including, among other things, theright to specific performance and the right to monetary damages,including damages based on the deal price," it said in anannouncement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
