March 10th, 2015Simon Property’s Bid for Macerich Shows Allure of Upscale Malls
People have been writing epitaphs for brick-and-mortar malls for years, but Simon Property Group Inc’s unsolicited takeover bid for rival Macerich Co shows there is still plenty of interest in the limited supply of upscale shopping centers.
Simon, the largest U.S. mall owner, offered on Monday to buy Macerich for $14.39 billion after the Santa Monica, California-based real estate investment trust had refused multiple times to discuss a deal.
Macerich stock fell slightly on Tuesday to $92.39 but still exceeded Simon’s $91-a-share offer, a sign investors believe the bid can be sweetened.
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