Simon calls off $16.8B bid to create mall colossus

April 1, 2015 11:22 AM

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Simon Property Group is calling off its hostile $16.8 billion takeover bid for Macerich, which would have tied together two of the nation's largest mall operators.

The Indianapolis company upped its bid two weeks ago to $95.50 per share from $91, calling that its best and final offer and giving Macerich an April 1 deadline to respond. The new offer was valued at $23.2 billion counting debt.

Also read: Rio Tinto Rejects Glencore’s $2.5 Billion Offer in Favor of Yancoal

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