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Simon Property Group to Acquire Taubman Centers



Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership.
Taubman

Simon, through its operating partnership, Simon Property Group, L.P., will acquire all of Taubman common stock for $52.50 per share in cash, and the Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in The Taubman Realty Group Limited Partnership  ("TRG").

TRG is engaged in the ownership, management, and leasing of 26 super-regional shopping centers in the U.S. and Asia.  TRG's purchase includes 24 high-quality retail assets (including 21 in the United States and 3 in Asia), consisting of approximately 25 million feet of gross leasable area, and will continue to be managed by its existing executive team.

The parties have agreed to work together to implement best practices to achieve operational efficiencies and will eliminate Taubman's public company costs immediately following the closing. The transaction will enhance TRG's ability to invest in innovative retail environments for retailers and consumers, deliver exciting shopping and entertainment experiences to consumers, and create new job prospects for local communities.

The transaction has been unanimously recommended by a Special Committee of independent directors of Taubman and approved unanimously by the Boards of Directors of both companies.  Simon expects to fund the total required cash consideration of approximately $3.6 billion with existing liquidity.

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