Simon pulls $16.8B offer for Macerich after rejection

April 1, 2015 11:24 PM

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Simon Property Group Inc. withdrew a $16.8 billion proposal to acquire Macerich Co. after the smaller mall owner rejected the sweetened takeover offer as too low.

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

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