Mall Giant Simon Makes $22.4B Bid for Rival Macerich
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Simon Property Group, already among the country's biggest real estate companies, could grow even larger following its reported $22.4B hostile takeover bid for Macerich, a rival mall operator. Simon chief David Simon said the hostile bid was necessary because Macerich's board demurred from discussing the deal in talks proposed since last year. Last November, the Indianapolis-based Simon announced it had bought 5.7M Macerich shares and had a 3.6% stake in the company, which owns 95 malls nationwide.
That same month, the Ontario Teacher's Pension acquired roughly 11% of Santa Monica-based Macerich for $71 a share, $20 per share less than Simon's offer, which would be split equally between cash and stock.