Simon Walks Away From $23.2 Billion Macerich Hostile Takeover Offer

April 1, 2015 3:29 PM

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Simon Walks Away From $23.2 Billion Macerich Hostile Takeover Offer

Simon Property Group (SPG - Get Report) walked away from its hostile $23.2 billion bid for Macerich (MAC - Get Report) after the target declined to engage in talks.

Indianapolis-based Simon went public March 9 with a $91 per share cash and stock offer for Macerich that valued the rival REIT's equity at about $16 billion. Macerich rejected that offer on March 17, arguing that it undervalued the company and enacting defenses ahead of a possible battle.

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