Macerich To Shake Up Board Following Investor Criticism
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The board of mall operator Macerich will elect two independent directors in a bid to allay frustrations of activist investors following its rejection of a takeover offer. HR&A Advisors chairman John Alschuler and Steven Hash, formerly of Lehman Brothers, will be up for election at Macerich's annual meeting, the company said today. The Santa Monica-based firm will also end the shareholder rights plan, or "poison pill," it put in place to fend off hostile advances from rival mall owner Simon Property Group, which last month backed off its final offer valued at $23.2B. [Bloomberg]