California mall operator rejects $22 billion Simon bid

Santa Monica, Calif. – Macerich Co., a California-based mall operator whose properties include Tysons Corner Center in Tysons Corner, Virginia, has rejected a hostile $22 billion takeover bid from Simon Property Group Inc. Macerich has publicly stated it thinks the deal undervalues its portfolio and growth opportunities.



"It is truly disappointing Macerich would not even meet to discuss our proposal," said Simon Property CEO David Simon. "Macerich's rejection is based on a rosy view of its future prospects."



Macerich has adopted a limited duration stockholder rights plan, or “poison pill,” that will automatically issue more shares if any one shareholder obtains a more than 10% stake in the company. This makes a takeover through unsolicited stock purchase more difficult.