Simon pulls $16.8B Macerich offer after rejection

April 2, 2015 7:07 AM

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Simon pulls $16.8B Macerich offer after rejection

Macerich said in a statement late Tuesday that the $95.50-a-share offer did not reflect the full value of the company. Simon said separately that it pulled its bid after Macerich's board refused to engage in talks.

Simon, the largest U.S. mall landlord, said on March 20 that its latest bid was final after Macerich rebuffed a proposal of $91 a share. Purchasing the Santa Monica, Calif.-based real estate investment trust would have allowed Simon to add top-tier properties that rarely come up for sale.

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