Why Taubman Centers Stock Is Trading Lower Today

Taubman Centers, Inc. (NYSE:TCO) shares are trading sharply lower after Simon Property Group (NYSE:SPG) terminated its merger agreement with the company.

SimIn the wake of the COVID-19 pandemic, Taubman has apparently breached its obligations, which are conditions to closing, relating to the operation of its business.

Taubman Centers is engaged in the ownership, leasing, acquisition, disposition, development, expansion, and management of shopping centers.

Taubman Centers' stock was trading down 23.01% at $34.84 on Wednesday at the time of publication. The company has a 52-week high of $53.40 and a 52-week low of $26.24.