Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Simon Completes Acquisition of Taubman Centers
The billion-dollar deal was on the rocks, but a price cut salvaged the acquisition.
Indianapolis—Simon Property Group has completed its acquisition of an 80 percent ownership interest in fellow mall owner Taubman Centers in a deal valued at $3.4 billion.
The Taubman family retains a 20 percent ownership interest in the Taubman Realty Group Limited Partnership.
The deal almost didn’t go through after Simon tried to back out in June, believing the company would be adversely affected by the COVID-19 pandemic.
Taubman had several factors working against it, Simon said—a significant number of enclosed retail properties and malls with high-end stores located in major metropolitan areas that depend on domestic and international tourists.
Simon also claimed Taubman failed to protect itself against the impact of the pandemic or take cues from others in the industry, including by not making “essential cuts” to its operating expenses and capital expenditures.
The two were heading to Oakland County Superior Court in Michigan, but a price cut salvaged the deal and squashed any pending litigation.
Simon agreed to a modified purchase price of $43 per share, down from the initial $52.50 per share. The discount amounted to around $800 million less than the original price of $3.6 billion.
“We are very pleased to complete this transaction and to add some of the world’s premier retail assets to our portfolio,” said David Simon, CEO, Chairman, and President of Simon Property Group in a press release about the acquisition.
“This investment will enhance the ability of TRG to establish innovative retail environments for consumers and to create new job prospects for the communities in which it operates.”
Known for its upscale shopping venues, Simon’s portfolio includes Copley Place in Boston and The Forum Shops at Caesars Palace in Las Vegas, as well as shopping centers across Europe and Asia.
Taubman owns, manages or leases 26 shopping centers in the United States and Asia, including the Beverly Center in Los Angeles and The Mall at Short Hills in New Jersey, as well as shopping centers in Xi’an, China and Hanam, South Korea.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.