Two of the largest owners of shopping malls in the US will not get together after all. The Simon Property Group has called off its hostile take-over bid for the Macerich Company.
Simon withdrew its offer of $95.50 per share, totaling more than 16 billion dollars, after the Macerich board unanimously rejected the bid. Macerich owns Northpark and Southpark in the Quad Cities, after buying them from Simon several years ago. Two weeks ago Simon, which is based in Indianapolis, raised its bid, calling it a best and final offer. Counting Macerich debt, the new offer was valued at $23.2 billion. Macerich is based in Santa Monica, California. Simon made its bid for Macerich public in early March after saying that the shopping center owner refused to negotiate.