Simon Property Withdraws Offer For Macerich - Quick Facts

(RTTNews) - Simon Property Group, Inc. (SPG) Wednesday confirmed that it has withdrawn its offer to acquire the outstanding shares of The Macerich Co. (MAC) for $95.50 per share, in light of the decision by the Macerich Board of Directors not to engage in discussions with Simon.

Tuesday, Macerich said it rejected Simon Property's revised, unsolicited proposal to acquire the company for $95.50 per share in cash and stock, which valued it at $16.8 billion.

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 March 20, mall owner Simon Property raised its offer to buy Macerich to $95.50 per share from $91 per 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 excluded Macerich debt of about $6.4 billion.