Takeover Speculation Boosts Macerich Co. Stockby Brian Louis and Hui-yong Yu
Shares of shopping-mall landlord Macerich Co. rose to their highest price in more than three months last week after the Wall Street Journal reported that Simon Property Group Inc., the largest U.S. mall owner, had made approaches to buy the company. Macerich, of California, agreed in July to invest $107 million in the Gallery at Market East in Center City in a joint venture with owner Pennsylvania Real Estate Investment Trust. In the Philadelphia region, Simon owns nine malls, including those in King of Prussia. Simon made the takeover approach in the last few weeks, after a previous overture late last year, the Journal reported, citing people familiar with the matter. A formal offer for Macerich has not been made, the report said.