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Reevemark represents Simon Property Group, which has terminated its $3.6B deal to acquire Bloomfield, MI-based Taubman Group because of the alleged failure of the mall operator to take action to mitigate the impact of the COVID-19 pandemic.
SPG filed a suit in a Michigan court requesting a declaration that Taubman suffered a material adverse event and breached the merger agreement that was announced in February.
The Indianapolis-based company claims that COVID-19 disproportionately impacted Taubman because its enclosed malls are located in densely populated metro areas and are dependent on domestic and international tourism business.
Taubman believes that SPG's "purported termination" of the merger agreement is invalid and without merit and that it continues to be bound to the transaction in all respects.
Reevemark's Hugh Burns and Paul Caminiti represent SPG.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
