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Mall owners Simon, Taubman revise merger terms, $800 million price cut

first_imgEven prior to the pandemic, malls had been suffering from falling foot traffic with more people shopping online, and retail and restaurant tenants closing stores or going bankrupt. The pain has been especially strong from embattled department store chains like Bon Ton and Sears. Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — filed for Chapter 11 bankruptcy protection earlier this month.With the new deal, Simon saves close to $800 million. Taubman has also agreed not to declare nor pay a common stock dividend before March of 2021.The original deal structure, where Simon will acquire an 80% ownership interest in Taubman while the Taubman family will sell roughly one-third of its ownership stake and remain a 20% partner, remains unchanged, the companies said.Both Simon’s and Taubman’s boards of directors have approved the terms of the transaction, which is expected to close either later this year or in early 2021. It remains subject to Taubman’s shareholders’ approval.Simon shares are down about 50% this year, while Taubman shares are up about 27%.Read the full press release here. – Advertisement – – Advertisement – In February, prior to the coronavirus pandemic arriving in the United States, Simon had agreed to buy Taubman in a deal valued at $3.6 billion, eyeing Taubman’s 26 high-end malls that include a handful in Asia. But the company then announced in June that it was exercising its contractual rights to terminate the deal. Among other things, Simon was arguing that Taubman’s portfolio of shopping malls were suffering more than some of its peers’ during the pandemic, due to lack of tourism and luxury spending.Taubman quickly filed a counterclaim, and the two were headed to court.But the announced revised terms signal there is hope in the retail real estate industry that traffic will rebound at America’s best malls once a vaccine for Covid-19 is widely distributed and consumers regain confidence to head back to stores to shop.- Advertisement –center_img Luxury mall owner Taubman Centers has agreed to a lower price to merge with the biggest mall owner in America, Simon Property Group, the companies announced Sunday, evading what could have been a heated legal battle during the holidays.Under the new deal, Simon will now pay $43 per share for Taubman, down roughly 18% from an original price of $52.50.The companies also said that they have settled their pending litigation. Simon and Taubman were set to face each other in Oakland County Superior Court in Michigan, beginning Monday, to negotiate the contested deal.- Advertisement – Shoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State’s largest retail shopping space, in King of Prussia, Pennsylvania.Mark Makela | Reuterslast_img read more

Girls soccer Bees have no. 2 Class AA sectional seed

first_imgDespite a full range of opportunities, the first half went 0-0. All of that changed just 1:53 into the second half when Neivel finally put one past ESM goalkeeper Isabelle Chavoustie.Less than 10 minutes later, the Bees were attacking again and Mimas, taking a pass from Mackenzie Miller, earned the insurance goal. B’ville’s defense did the rest as Hannah Johnson, in place of injured Jenna Boutilier, stopped all five shots she faced.A night later, B’ville visited West Genesee, a team it beat 3-1 earlier this season at home. Bad weather moved the game from WG’s usual grass stadium to the artificial surface at Mike Messere Field. And it didn’t prove easy here, either, for the Bees, but again it won, 2-1, partially because it found offense from an unlikely source before the rain wore everyone down.Less than five minutes into the game, B’ville went in front on Anya Putszai’s goal, assisted by defender Gwyneth Madden, but WG’s defense kept the Bees quiet for the rest of the half.Deep into the second half, the margin was still one when, with 14;34 left, Mimas converted. That was needed, since the Wildcats answered less with 11:57 to play on Eva Poissant’s unassisted goal.Though it had a chance to get to overtime, WG could not quite do so, the Bees’ defense holding them  to four shots overall as, in the net, Wildcats goalies Liz Croft and Caitlin Mills combined for 11 saves.Back home Friday night to finish the regular season against Cicero-North Syracuse, B’ville honored its senior class, and then went out and shut out the Northstars 3-0.Having already defeated C-NS 4-1 in September, the Bees quickly took charge when Pia Cavallaro, one of those seniors, assisted on an   early goal by Mimas. Then, 5:38 before halftime, two more seniors made it 2-0, Johnson heading home Neivel’s corner kick.In the 51st minute, Cavallaro to provide a perfect feed to Neivel, again a senior combination as Neivel’s goal wrapped up a 14-2 regular season.Six teams advanced to the sectional Class AA playoffs and B’ville, with the no. 2 seed, has a bye straight into the semifinals, as does F-M, the top seed.Those semifinals on Oct. 30 at Central Square will have the Bees against either no. 3 seed West Genesee or no. 6 seed Rome Free Academy, with the Hornets against either Auburn or Cicero-North Syracuse. For eight days, the Baldwinsville girls soccer team had to stew on the first-half barrage Fayetteville-Manlius threw at them on Oct. 7, the 4-1 defeat getting the Hornets even for losing to the Bees a few weeks earlier.A combination of tough practices and much-needed rest for some injured players led to a stretch of three games, two of them 24 hours apart, that would close out the regular season.It all began last Tuesday night, at East Syracuse Minoa, where the state Class AA no. 14-ranked Bees had to be patient before its star duo of Simone Neivel and Hannah Mimas again rescued them in a 2-0 win over the Spartans. Share this:FacebookTwitterLinkedInRedditComment on this Story Tags: Baldwinsvillegirls soccerlast_img read more