Simon Property Group launches $16B hostile bid for Macerich

(WISH Photo/Brett Bensley)

INDIANAPOLIS (AP) — Simon Property Group is launching a hostile bid worth about $16 billion for Macerich Co., after it saying the rival mall operator refused to discuss a combination.

The two mall operators are among the largest in the United States.

Simon is offering $91 per share in cash and stock for each share of Macerich. That represents a premium of 30 percent to the closing price of the mall operator’s shares on Nov. 18, before Simon disclosed that it had accumulated a nearly 4 percent stake in Macerich.

The deal is valued at about $22.4 billion, counting debt.

Indianapolis-based Simon says it is confident that Macerich shareholders will accept its proposal.

A representative of Santa Monica, California-based Macerich did not immediately return a call from The Associated Press seeking comment.

WISHTV.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s