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Simon Property Group Gets Stuck Buying Taubman Realty Group After Trying to Back Out of Deal

In late December, Simon Property Group (NYSE: SPG) completed its acquisition of an 80% ownership interest in Taubman Realty Group (NYSE:TCO). As part of the deal, Simon acquired all of Taubman's common stock at a cost of $43 per share, and the Taubman family sold roughly one-third of its ownership interest at the transaction price and remains a 20% partner in the venture. Taubman owns, manages, or leases 26 premium shopping malls in the U.S. and abroad.