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Fly News Breaks for March 2, 2020
TCO, SPG
Mar 2, 2020 | 13:37 EDT
Piper Sandler analyst Alexander Goldfarb does not believe Simon Property (SPG) will back out of its deal to acquire Taubman Centers (TCO) despite the recent coronavirus related selloff. The merger is about long-term synergies and combining two of the top tier retail portfolios, Goldfarb tells investors in a research note. The analysts sees the coronavirus as a short term health and financial issue "that will hopefully be addressed in due course." Barring a material change in the environment that makes it financially unrealistic to contemplate closing, there's far more risk to Simon's valuation if it backed out of the deal, says the analyst. As such, Goldfarb believes the $52.50 cash deal for Taubman remains on track to close in mid-2020. The analyst keeps a Neutral rating on Taubman shares.
News For TCO;SPG From the Last 2 Days
SPG
Jun 5, 2020 | 16:10 EDT
Futures were pointing to a higher open for the market ahead of the release of the monthly jobs data as investors appeared to be positioning for a "not as bad as feared" report. What they got... To see the rest of the story go to thefly.com. See Story Here
SPG
Jun 5, 2020 | 12:20 EDT
Futures were pointing to a higher open for the market ahead of the release of the monthly jobs data as investors appeared to be positioning for a "not as bad as feared" report. However, what they... To see the rest of the story go to thefly.com. See Story Here
SPG
Jun 4, 2020 | 13:41 EDT
Simon Property (SPG) is suing Gap (GPS) for over $65.9M in unpaid rent and other charges due, which comes as many multinational retail tenants stopped paying rent due to the coronavirus pandemic, The Real Deal's Matthew Blake reports, citing a lawsuit. The suit states Gap, which leases over 400 properties from Simon and is the company's biggest in-line tenant in terms of rent, is in contractual default "for failure to pay rent for April, May and June 2020...The amounts due will continue to accrue each month, with interest." Reference Link
SPG, TCO
Jun 4, 2020 | 09:16 EDT
As previously reported, Compass Point analyst Floris van Dijkum initiated coverage of Taubman Centers (TCO) with a Neutral rating and $42 price target. Taubman has the highest A mall exposure and tenant sales in the mall sector, but investors fear the closure of its largest tenant, Forever 21. Taubman agreed to a deal with Simon Property (SPG) prior to COVID and van Dijkum sees a negotiated reduced price as the most likely outcome of the merger agreement.