KANSAS CITY, Mo. — A merger for management of the Country Club Plaza may be in jeopardy.
Simon Property Group, Inc. announced that it would purchase an 80 percent ownership interest in The Taubman Realty Group Limited Partnership back in February, a deal worth $3.6 billion.
However, the Simon group, which originally managed the Plaza, had a clause in the agreement to terminate the merger "in the event that a pandemic disproportionately hurt Taubman."
Taubman operates shopping centers in several major metropolitan areas around the world and has been disproportionately affected by the limits placed on tourism during the pandemic, according to a statement from Simon.
Taubman said in a statement it believes the termination is invalid and will take legal routes to uphold the merger.
