Macerich Rejects Revised Proposal From Simon Property - Quick Facts

(RTTNews) - Macerich Co. (MAC) announced that it rejected Simon Property Group Inc.'s (SPG) revised, unsolicited proposal to acquire the Company for $95.50 per share in cash and stock.

Macerich noted that its Board determined that the proposal continues to substantially undervalue Macerich and that pursuing the proposed transaction at this time is not in the best interests of Macerich and its stockholders.

On 20th March, Mall owner Simon Property Group had said it raised its offer to buy Macerich Co to $95.50 a share from $91 a share, in its 'best and final' bid for the smaller rival. Simon's offer was valued at $16.8 billion, up from $16 billion, and excludes Macerich debt of about $6.4 billion.

In March, Simon offered to buy Macerich for $91 per share in cash and stock, but Macerich spurned it, saying the offer undervalued it and did not serve shareholders' interests.