Are malls dead?
Jim Cramer weighed in on the mall following the "statement buy" of Simon Property Group SPG of Taubman Centers TCO.
The deal comes in $3.6 billion, which comes in at $52.50 in cash per share, a 51% premium from the closing price on Friday.
"That's a monster bid, one that's generous to a fault, one that gives the Taubman family a different kind of stake that allows them to participate in the upside but still allows for a partnership that eliminates the large public costs that weigh down any enterprise," wrote Cramer.
He also noted, "Taubman is largely a collection of the finest malls. I have one literally down the block from me that I can walk to, The Mall at Short Hills, and while there has been turnover at the mall and it has a Neiman Marcus as an anchor, a suspect tenant because of all the debt on the company, it's still a destination worth going to, with a fabulous set of high-end foreign specialty stores and the best Apple AAPL retail outlet I have ever been to, and I have been to a dozen of them."
But, is the mall dead?
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