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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

Entries top 100 for Sept. 3-6 IMCA RaceSaver Sprint Car Nationals at Eagle

first_imgEAGLE, Neb. – Drivers and fans from coast to coast and north of the border will converge Sept. 3-6 at Eagle Raceway for the IMCA RaceSaver Sprint Car Nationals.More than 100 entries, from 17 states and Canada, are in hand now for the third annual event. The Sunday finale sends the winner home with $2,000 and a year’s worth of bragging rights.The field of 27 will start three wide. All other main event qualifiers earn a minimum of $1,000; Fri­day and Saturday qualifying features pay $700 to win and the top prize in Saturday’s Jake Ita Memo­rial is $1,000.Pre-tech runs from 10 a.m.-6 p.m. and will be followed by an open practice on Thursday. The front three rows qualify and Ita Memorial heats are on Friday. Rows four, five and six qualify on Saturday, rows seven, eight and nine on Sunday.Pit gates open at 4 p.m., the grandstand opens at 6 p.m., hot laps are at 6:30 p.m. and racing starts at 7:30 p.m. Friday. The pits open at 4 p.m. and the grandstand opens at 5 p.m. Saturday. Hot laps are at 5:30 p.m. and racing gets underway at 6:30 p.m.A party in the pits, complete with live music, follows both shows.Gates open at 3 p.m. and a driver autograph session is from 4:30-5:30 p.m. Sunday. The first 1,000 fans through when the front gate opens at 4:30 p.m. re­ceive a free light-up driver introduction ceremony wand. Hot laps are at 5:30 p.m. and racing is at 6:30 p.m.Miss Eagle Raceway will be crowned during intermission.Pre-tech for Sprints is from 10 a.m.-5 p.m. Friday, Saturday and Sunday. Karl Chevrolet Northern SportMods and IMCA Sunoco Hobby Stocks are also on the Saturday card; Xtreme Motor Sports IMCA Modifieds and Mach-1 Sport Compacts run on Sunday.Pit passes are $25 each night. Adult spectator admission is $10 on Friday, $12 on Sat­urday and $15 on Sunday. Kids ages 6-12 are $5 and five and under get in free all three nights.More information is available at the www.eagleraceway.com website or by calling 402 781-2243.By state and province, drivers now entered for the Sept. 3-6 Sprint Car Nationals include:California – Tony Everhart, El Cajon; *Jesse Mack, Visalia; and Blake Robertson, Visalia.Colorado – Jake Bubak, Arvada; and Jackie Thacker, Crested Butte.Indiana – Ethan Fleetwood, Smithville.Iowa – Nate Eakin, Lake Park; Mike Johnston, Des Moines; Joe Miller, Vail; Blain Petersen, Essex; Chris Roseland, Carter Lake; *Colin Smith, Sheldon; Tyler Thompson, Des Moines; and Ben Woods, Newton.Kansas  – Zach Blurton, Quinter; Luke Cranston, Ness City; Brian Herbert, Dodge City; Jeff Radcliffe, Hill City; and Taylor Velasquez, Liberal.Louisiana – Dustin Gates, Haughton; and Jock Thacker, Hineston.Minnesota – Brandon Allen, St. Peter; Bruce Allen, Mankato; Dalyn Cody, Prior Lake; Ron Guentzel, St. Peter; Victoria Knutson, Monticello; Dustin Sargent, Cleveland; Kyle Sargent, St. Peter; *Jeremy Schultz, Hutchinson; *Trevor Serbus, Olivia; and *Michael Stien, Ceylon.Nebraska – Gene Ackland, Lincoln; T.J. Artz, Lincoln; Shayle Bade, Lincoln; Jason Becker, Sew­ard; Tom Belsky, North Platte; *Clint Benson, Papillion; *Mike Boston, Lincoln; Lee Bowes, Lincoln; Nick Bryan, Lincoln; *Dwight Carter, Lincoln; Toby Chapman, Hickman; Jason Danley, Lin­coln; Joey Danley Lincoln; Keith Dragoo, Lincoln; Tyler Drueke, Eagle; Tim Fricke, Lincoln; Bill Garrow, Lincoln; *Trevor Grossenbacher, Hickman; *Adam Gullion, Lincoln; Brandon Horton, Omaha; Ryan King, Bennet; Ron Love, Lincoln; *Doug Lovegrove, Waverly; *Jason Martin, Lin­coln; Mark Pace, Lincoln; Boyd Peterson, Ithaca; *Shon Pointer, Grand Island; Matt Richards, Lincoln; Terry Richards, Denton; Dan Satriano, Papillion; Richard Weers, Lincoln; Chase Weiler, Lincoln; and Nate Weiler, Omaha.North Carolina – *Daren Bolac, Moyock.North Dakota – *Trevor Mell, Harwood.Oklahoma – Gary Kelley, Ardmore; *Chris Kelly, Oklahoma City; and *Andy Shouse, Mustang.Pennsylvania – Rod Ort, Lewisberry.Saskatchewan – Bart Kendel, Turtleford.South Dakota – *Dusty Ballenger, Harrisburg; Jerald Harris, Harrisonburg; and Robby Wolfgang, Sioux Falls.Tennessee – *Sean Hosey, Clarksville.Texas – *Chase Brewer, Springtown; Jeff Day, Greenville; Jeff Day Jr., Greenville; Michael Day, Greenville; *Tucker Doughty, Heath; *Claud Estes, Godley; Colby Estes, Godley; D.J. Estes, Godley; Matt Etzelmiller, Keller; *Ryan Hall, Midlothian; Jerry Hammock, Ennis; *Josh Hawkins, Whitehouse; *Regan Hawkins, Whitehouse; *Jason Howell, Azle; Lindell Jenkins, Greenville; Mark *Klis, Waxahachie; Charlie McDonald, Jefferson; Justin Melton, Flower Mound; Michelle Melton, Flower Mound; Eric Reichwaldt, Plattsmouth; *John Ricketts, Burleson; *Logan Scherb, Decatur; Russell Shoulders, Forney; *Chad Wilson, North Richland Hills; Chipper Wood, Kennedale; and *Dustin Woods, Forney.Virginia – *Jerald Harris, Harrisonburg; *Tom Humphries, Waynesboro; Brian Lawson, Orange; Troy Severin, Ashland; *Charlie Ware, Hallieford; and Glenn Worrell, Powhattan.Wisconsin – Andrew Westphal, Fond du Lac.* Eligible to qualify for the Jake Ita Memorial Race of Champions.last_img read more