Here's Why Taubman Centers' Shares Are Plunging Today
Shares of Taubman Centers, Inc. (NYSE: TCO) plummeted after a merger deal between the company and Simon Property Group Inc. (NYSE: SPG), the country's largest mall owner, was terminated. Taubman's stock fell by as much as 41% in the morning.
As of 12:17 a.m. EDT, the company's shares were down 20.8%.
Simon Property said in a press release this morning that it had terminated its Feb. 9 merger agreement, adding that Taubman had suffered a "material adverse event" because of the coronavirus pandemic.
Source Fool.com
