Connect with us

Business

Simon Property Raises Bid for Macerich to $16.8B

Published

on

In this Nov. 28, 2014, file photo, shoppers look for deals inside the Flatiron Crossing Mall, a Macerich property in Broomfield, Colo. Mall operator Simon Property boosted its hostile bid for rival Macerich 5 percent. Simon said, Friday, March 20, 2015, it is willing to pay $95.50 per share for Macerich, or about $16.8 billion, up from its previous offer of $91 per share, or $16 billion. (AP Photo/Brennan Linsley, File)

In this Nov. 28, 2014, file photo, shoppers look for deals inside the Flatiron Crossing Mall, a Macerich property in Broomfield, Colo. Mall operator Simon Property boosted its hostile bid for rival Macerich 5 percent. Simon said, Friday, March 20, 2015, it is willing to pay $95.50 per share for Macerich, or about $16.8 billion, up from its previous offer of $91 per share, or $16 billion. (AP Photo/Brennan Linsley, File)

JOSEPH PISANI, AP Business Writer

NEW YORK (AP) — Mall operator Simon Property boosted its hostile bid for rival Macerich by 5 percent to $16.8 billion and said it will be its best and final offer.

The proposed deal would combine two of the largest U.S. shopping mall operators.

Simon set an April 1 deadline for Macerich to respond to the offer or it will be withdrawn.

Shares of Macerich dropped more than 4 percent Friday, while Simon Property shares rose nearly 3 percent.

Simon said Friday that it is now offering to pay $95.50 per share for Macerich, up from its previous offer of $91 per share. The new offer is valued at $23.2 billion, when debt of about $6.4 billion is included. Simon, which has a 3.6 percent stake in Macerich, said it won’t seek to nominate directors for Macerich’s board.

With the new offer, Macerich shareholders may put pressure on the company to discuss the deal, said analysts at Citi in a note to clients.

In a statement Friday, Macerich said it would review the new offer.

Macerich rejected Simon’s first bid, saying the deal undervalued the company. It also said it had “serious antitrust concerns” because of Simon’s partnership with General Growth Properties Inc. “It is a concerted effort by the two largest companies in the industry to acquire the number three company,” Macerich said earlier this week.

Simon Property Group Inc., an Indianapolis real estate investment trust, went hostile earlier this month in making its offer public, saying that Macerich refused to negotiate a deal.

Simon owns or has interest in more than 325 properties around the world, mainly outlets and malls. Macerich Co., based in Santa Monica, California, is a real estate investment trust that owns 51 shopping centers nationwide.

Shares of Macerich Co. fell $4.29 to close at $89.21 Friday. Simon shares rose $5.24 to close at $197.34.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Activism

Oakland Post: Week of November 13 – 19, 2024

The printed Weekly Edition of the Oakland Post: Week of November 13 – 19, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Activism

LIVE! — TOWN HALL ON RACISM AND ITS IMPACT — THURS. 11.14.24 5PM PST

Join us for a LIVE Virtual Town Hall on the Impact of Racism hosted by Post News Group Journalist Carla Thomas and featuring Oakland, CA NAACP President Cynthia Adams & other Special Guests.
Thursday, November 14, 2024, 5 p.m. – 6:30 p.m. PST

Published

on

Join us for a LIVE Virtual Town Hall on the Impact of Racism hosted by Post News Group Journalist Carla Thomas and featuring Oakland, CA NAACP President Cynthia Adams & other Special Guests.
Thursday, November 14, 2024
5 p.m. – 6:30 p.m. PST

Discussion Topics:
• Since the pandemic, what battles have the NAACP fought nationally, and how have they impacted us locally?
• What trends are you seeing concerning Racism? Is it more covert or overt?
• What are the top 5 issues resulting from racism in our communities?
• How do racial and other types of discrimination impact local communities?
• What are the most effective ways our community can combat racism and hate?

Your questions and comments will be shared LIVE with the moderators and viewers during the broadcast.

STREAMED LIVE!
FACEBOOK: facebook.com/PostNewsGroup
YOUTUBE: youtube.com/blackpressusatv
X: twitter.com/blackpressusa

Continue Reading

Activism

Oakland Post: Week of November 6 – 12, 2024

The printed Weekly Edition of the Oakland Post: Week of November 6 – 12, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.