Jim Cramer on Whether or Not the Mall Is Dead
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?
Watch the video above for more.
