Tag Archiv: 上海会所 贵人传媒

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

No More Anthem-Kneeling for Stills in Dolphin Uniform, TRADED

first_imgThe Texans are trading two first-round picks plus a second-rounder to the Miami Dolphins in exchange for left tackle Laremy Tunsil and wide receiver Kenny Stills, per sources informed of the deal.The Dolphins also receive special teamer Johnson Bademosi and offensive lineman Julie’n Davenport in the deal, while the Texans recoup fourth- and sixth-round picks, per the NFL.Stills appeared on his way out of Miami following open critiques of owner Stephen Ross hosting a fundraiser for President Donald Trump and criticizing hip-hop mogul Jay-Z’s social justice partnership with the NFL. In discussing his reasoning for playing eight straight Jay-Z songs at a camp practice after Stills’ comments, Dolphins coach Brian Flores cited the receiver’s disappointing play.All the signs had pointed to the Dolphins potentially cutting Stills. Instead, they jettisoned him a package with Tunsil to Houston. A massive trade and good riddance….Dolphins are trading LT Laremy Tunsil and WR Kenny Stills to Texans for “huge package of picks”, per @RapSheet (h/t @brgridiron) pic.twitter.com/7cdeV5p3Iz— Bleacher Report (@BleacherReport) August 31, 2019last_img read more