Simon withdraws offer for Macerich

Indianapolis - Simon Property Group Inc. has withdrawn a roughly $22 billion offer to purchase California-based mall operatorMacerich Co. In a brief statement, Simon said it decided to withdraw the offer, worth $95.50 per share, in light of the decision by the Macerich board of directors not to engage in discussions.



Simon initially made the offer in March 2015. Macerich publicly said the offer undervalued its portfolio and growth opportunities. To make a hostile takeover more difficult, Macerich adopted a limited duration stockholder rights plan, or “poison pill,” that would automatically issue more shares if any one shareholder obtained a more than 10% stake in the company.