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Macerich (MAC) Rejects 'Best and Final' Bid From Simon Property Group (SPG) - Stocks in the News

Zacks Research Staff
Updated

On Wednesday, Simon Property Group Inc (SPG) withdrew its second unsolicited bid to buy Santa Monica-based mall-owner Macerich Co (MAC) after the company rejected its offer. The proposal would have united two of the country’s largest mall owners.

This is not the first time Simon Property has made an unsolicited bid for Macerich. Earlier this month, on March 9, the company offered Macerich $91 per share and was valued at $16 billion. The most recent offer, made on March 20, was an improvement on the original bid. Simon upped the price to $95.50 per share and a valuation of $16.8 billion, excluding approximately $6.4 billion of Macerich’s debt.

Simon, which is based in Indianapolis, said the proposal was its “best and final offer,” and said it would take the second bid off the table by Wednesday if the two companies did not meet by then.

"Our board carefully reviewed Simon Property Group's revised proposal and concluded that it does not reflect the full value of our company," Macerich Chief Executive Arthur Coppola said in a statement late Tuesday. Macerich also said that the proposal "substantially undervalues" the company.

Simon Property, the largest mall owner in the United States, operates more than 200 shopping centers, with a large presence in Florida, Texas, and California, as well as international properties in Canada, Japan, Mexico, among others. Macerich has 51 locations, most prominently in Chicago, Washington D.C., and the metro New York area.

Shares of Macerich plummeted during trading Wednesday, falling over 6% to $79.08. The company sits at a Zacks Rank #3 (Hold). Shares of Simon Property are up over 1% on the day to $197.66. The company rests at a Zacks Rank #3 (Hold).

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MACERICH CO (MAC): Free Stock Analysis Report
 
SIMON PROPERTY (SPG): Free Stock Analysis Report
 
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Zacks Investment Research