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Simon Ups the Ante in Macerich Bid

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Simon Ups the Ante in Macerich Bid

Simon Property, the country's largest mall operator, raised its offer for rival Macerich from $91 to $95.50 a share. That figure values Macerich at $23.2B, which Simon says is as high as it will go in the potentially transformative deal. Macerich earlier this week turned down Simon's initial hostile bid saying it undervalued the California-based company at $22.4B. Simon chief David Simon said in a statement today that, "Macerich’s decision to adopt extreme defensive measures is disappointing. We...do not believe a protracted, multi-year proxy battle is in the interests of the shareholders of either company.” [Dealbook]