Largest US mall operator backs out deal to buy Country Club Plaza owner

Simon Property Group, the largest U.S. mall operator, backed out of a $3.6 billion deal to buy the owner of Country Club Plaza.

Simon claimed that Taubman Centers, the acquisition target, violated parts of the merger agreement, the Kansas City Business Journal reports.

Simon said Taubman, which owns malls in Chesterfield, Springfield and Osage Beach, failed to mitigate the effects of the coronavirus pandemic.

In response, Taubman said that the termination of the merger agreement is “invalid,” that and Simon will be “bound to the transaction.”

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