Hostile Offer for Macerich
The former owner of Southpark and Northpark malls in the Quad Cities is trying to buy the current owner. Simon Property Group has launched a hostile bid worth about $16 billion for Macerich Company.
The two mall owners and operators are among the largest in the US.
Simon is offering $91 per share in cash and stock for each share of Macerich - a premium of 30 percent over the closing price in November, before Simon disclosed that it had accumulated a nearly 4 percent stake in Macerich.
Based in Santa Monica, Macerich currently owns 51 regional shopping centers, including Arizona, Chicago, New York , Washington DC, and the Quad Cities.
Based in Indianapolis, Simon operates more than 200 properties in the United States, mainly in Florida, Texas, and California, and it also runs shopping centers in Canada, Japan, Mexico and other countries.
Macerich says its board will review the proposal and, in the meantime, shareholders should take no action.