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Activist investor takes increased stake in Macerich

An activist hedge fund has purchased a 5% stake in Macerich, according to a CNBC report, sending the company’s shares up 12% and fueling talk it could push for a sale of the mall owner.

Third Point LLC, which took the position in Macerich, is headed by billionaire Dan Loeb, who recently made headlines for buying a $3.5 billion-dollar stake in Nestle and attempting to place a member on the Swiss company’s board.

Macerich has previous experience with activist investors. In 2015, Land & Buildings Investment Management and Orange Capital built a position in the company as it fought off a takeover by Simon Property Group.

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