the taubman centers still 20% owned by the taubman family who will have the right to sell to simon.ip the next few years as well the key thing here is the 53%, 52% premium over what was already an effective stock price given there were some reports last week the two might be in talks. so it is a significant reminder, sara, there is still some life, some life in the mall, at least in the opinion of simon. interesting to see, slightly positive response from simon shareholders >> and not all malls are equal some have become much more fun and high end destinations and i think that quote says it all it'll allow them to invest in innovative retail environments for retailers and consumers. to me that means we'll see more restaurants and entertainment and more, i don't know, rides and experiences versus the traditional retail which has been slowing out it's also interesting this came off another deal they recently did for forever 21 >> yes it was somewhat as you could see even in the markets certainly unexpected at a price like this. again though, the markets are nowhere near what they were

taubman families can retain 20% $52.50. good taubman -- why location, location, location.remium retail malls in asia and the u.s. bet thatee this big simon is making. the chart we will pull up tells you a tale of three outlets. you can see how well internet is doing at malls, department stores not so much. people are shopping but they are moving online. that has increased pressure on brick-and-mortar retail sales. store closures like macy's, forever 21, taubman has significant exposure. if you were to pull back the premium five years, it is not even close to breaking even. this is a big bet for simon but simon and rival parkfield property are looking at a shift in real estate for a focus on entertainment and services. there are successful malls in new jersey and new york. simon does have an advantage of a strong balance sheet in a position to make this investment. that is your stock of the hour. alix: thanks so much. guy: let's talk about politics once again. it seems to be a big theme today. pete buttigieg appears to have sealed his victory in iowa after the technical gli

the deal would pay taubman shouldhow old is shareholders a 51% premium. >>> we begin with the coronavirus and the massive impact its having on companies around the world meg tirrell is with me on what we know about the virus. contessa brewer it live in chinatown with the travel impact, josh lipton is looking at how the supply chain is hitting tech companies, and joining us from quarantine is dr. charles lipman what do we know, meg >> the numbers have topped 40,000 confirmed cases the death count is up to 910 over the weekend that passed the number of deaths from the sars outbreak the world health organization holding a daily press briefing noting that 99% of the cases are still in china and for the most part, most of the cases are mild about 20%, they say, are severe. they did point out something, they said in recent days they've seen concerning numbers in terms of pockets of human to human transmission in france and in the uk they said there wasn't travel history to china the director general of the world health organization says the detection of these small number of cases could be the

this is a 50% premium for taubman for a company whose shares have been in decline for years. from operation have been in decline. why pay such a high premium? >> it is one of the few assets they could go after. they have tried to go after it in the past and did not get at that time around. i think the taubman family controls the asset and they still have the majority of the voting structure. it was difficult for simon to do anything that was not a nice premium at a knock at them on board with the price. as an asset people of tried to buy before. brookfield looked at it in the past and simon. they also had an activist in the stock. if you want to get this done you have to pay big. >> the iaea saying global oil might slip the first time in a decade after the coronavirus batters china's economy. how long it last the key question. opec, are they going to wait? >> there's a lot of confusion about what opec is going to do. we assumed they're going to agree to eight 600,000 barrel is a cut recommended at a technical meeting last week. but the russians appears to be holding out on th

think taubman would be necessarily sellers if you look at what a giant premium they had to pay, simony to get it, simon was even up on that news so i think there is something for them to do to get -- simon is not expensive here even with this acquisition i think you are looking at the best of the best there are malls that will survive as opposed to some of the other lesser malls, something like a wpg or other ones we have seen just whittling away this is the cream of the crop in the space. >> interesting deals, whether it's retail or a bankruptcy. kno we have a news alert on uber and postmate's fight against california's -- what's going on here >> we have news. reports suggesting now that a federal judge has denied their go to halt enforcement of ab 5 california's new gig work law which would require most companies to reclassify contract workers as employees the judge here, the balance of equities and the public interest weighs in favor of permitting the state so enforce this led legislation. postmates tells cnbc there is a procedure and they look forward to presenting their full case

taubman, anyone from new jersey here?very high-class -- think the malls were open on sundays? >> they are not and they still make money. >> they have stores like louis vuitton, cartier. gives them access to investment. scarlet: sally, thank you so much. that does it for "what'd you miss?" this is bloomberg. ♪ when it comes to using data, everyone is different. which is why xfinity mobile created a different kind of wireless network. one that saves you money by letting you design your own data - giving you more choice and control compared to other top wireless carriers. now you can choose unlimited, shared data, or mix lines of each and switch any line, anytime. no one else lets you do that. design your own data with xfinity mobile. it's wireless reimagined. simple. easy. awesome. [ fast-paced drumming ] to bloombergme markets. riggs in san francisco with paul allen in sydney. coming up in the next hour, a morbid reminder of the death toll as the coronavirus outbreak surpasses that of sars. howill get a picture, plus it is

>> breaking this morning, simon property group is acquiring taubman centers. when i say this is big news in mall land, this is a massive transaction. not as massive as it used to be which is what i was going to say. it's massive to me selfishly because i covered this transaction back in 2002 to date myself when they tried to put the two companies together then and taubman said no way. so here we are almost 20 years later and they probably should have just done it then. >> yeah. obvio obviously get bigger scale >> this should matter to you because this is the short hills mall this is a short hills mall for you. it's on the other side >> it's malls and low gas prices that's a good mall. >> do you remember, there was that movie, whenever sally field got down on hearse, she would just go out to the mall. people would come and she would feel good about herself. >> you should try that. >> going there this weekend. >> i might have to. >> give yourself a little bit of an ego boost. >> are they doing better there's a lot of talk about it. >> almost as a novelty let's g

bloomberg has learned since late last year, simon and taubman had been holding talks. a wave of retail bankruptcies have put pressure on mall operators to consolidate. in hollywood, a historic night at the oscars. south korean movie "parasite" becoming the first foreign line which film to win the award for best picture, also winning for best director, best original screenplay, and best international picture. a disappointing night for netflix. only two oscars. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. guy: thank you very much, indeed. we are awaiting remarks from the german chancellor angela merkel, stepping out with viktor orban, hungary's prime minister. they have a pretty tough relationship. this comes amid a major upheaval in german politics. angela merkel's successor announcing plans to step down as the lead of germany's biggest party. more on that story coming up. this is bloomberg. ♪ ♪ alix: live from new york, i'm alix st

they might be on their way but bernie taubman is here. let's see if we can grab him.male conduct. bernie taupin, live in bbc breakfast? what does it mean to you to have won an oscar? just to be holding it is enough. it is extraordinary. again, like i said, all the way down the line, 53 years isa all the way down the line, 53 years is a pretty extraordinary achievement. it is like an adventure. it is like being you know, adventure going out on a voyage and discovering new worlds all the time and we have done that all the time and we have done that all through our lives. when i spoke to you before the oscars you said if you want, it would be vindication. what did you mean? the grannies can take this, and you know what they can put it! laughter. -- and you know what they can put it! laughter. —— grammies. and you know what they can put it! laughter. -- grammies. that was bernie taupin with his oscar. 53 yea rs, of bernie taupin with his oscar. 53 years, of course, he says he has been doing this. he won with elton john, who performed the song tonight. bernie taupin just o