WASHINGTON (dpa-AFX) - Simon Property Group, Inc. (SPG) and Taubman Centers, Inc. (TCO) have modified certain terms of the original merger agreement, resulting in a modified purchase price of $43.00 per share in cash. The combination is anticipated to close in late 2020 or early 2021. The modified merger agreement provides that Taubman will not declare or pay a dividend on its common stock prior to March 1, 2021, and then, only subject to certain limitations and conditions.
The companies also have settled pending litigation in the Circuit Court for the 6th Judicial District, Oakland County, Michigan.
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