Shopping mall tycoon withdraws $16.8B bid for rival

April 2, 2015 2:27 AM

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The chief executive of the country’s No. 1 mall operator, Simon Property Group, late Tuesday abandoned its $16.8 billion hostile bid for rival Macerich — a move tied at least in part to a failed hostile bid for Taubman Centers a dozen year ago, according to a well-placed source.

“David Simon has tried this before,” the source, who knows Simon, said. “After Taubman, he probably could not go through another brutal experience” like that.

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