On February 10, just as the world we becoming aware of the coronavirus pandemic which would become the final nail in the coffin of brick and mortar retail outlets, sending countless of companies to a long overdue date with bankruptcy judges, mall giant Simon Property Group stunned the market when it went against the grain of imploding malls and said it would acquire Taubman Centers for $52.50 a share, a 51% premium to where the shares had been trading.

The deal, which was expected to close within about six months, came as mall operators facing sharply lower foot traffic (and a total collapse thereof just one month later), were under increasing pressure to lure shoppers, who more and more favor buying products online or at strip malls where it is easy to dart in and out with purchases.

Well, moments ago we learned that that particular deal is not going to close, because Simon, which is known for owning and operating top-tier shopping malls, announced that it has exercised its contractual rights to terminate its February 9, 2020 merger agreement with Taubman Centers. SPG filed an action today in the Circuit Court for the 6th Judicial Circuit of Oakland County, Michigan against Taubman Centers and The Taubman Realty Group Limited Partnership requesting a declaration that Taubman has suffered a Material Adverse Event under the Merger Agreement and has breached the covenants in the Merger Agreement governing the operation of Taubman's business.