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Simon discard takeover of Macerich



Simon Property Group has revealed the withdrawal of its offer for Macerich Co.

This decision has ended the battle between the two companies where several accusations were thrown about.

If the takeover had succeeded, Simon would have acquired the company which has Queens Center, New York in its portfolio.  This would have placed Simon at the top of the list of shopping center owners.
Macerich manages and owns 51 US properties, including the Cross County Shopping Center, New York and Tysons Corner in Northern Virginia.

According to Macerich, Simon initially offered $91 per share, with a ‘sweetened’ offer of $95.50, however this was an undervaluation of the company and the expansion prospects it has.  The company has revealed that it would place focus on internal efforts in a bid to improve its profits and its market value.

Simon stated that it withdrew the offer as Macerich was not prepared to discuss the deal.

Simon was keen to proceed with the acquisition as this would provide them with a much larger share of the high-end retail real estate market.  Macerich decided to sell its lower-quality malls and use those assets for other opportunities which increased its sales per square foot from $517 to $587.  It also plans expenditure of $400 to $500 million per annum on high-return projects, which should boost value for stockholders.

Since the rejection of Simon’s initial March 9 offer, the board of Macerich has approved two governance amendments which would make a take-over much more difficult.  One of the amendments includes the opportunity for shareholders to purchase discounted shares, which would dilute the share of an acquirer.

Mr. Simon responded to the first rejection letter by saying Macerich usurped the rights of its shareholders.

Business analysts, in response to the news about the withdrawal of the takeover bid, have wondered why Macerich waited until this hostile bid to announce its plans to boost its share price.

After the announcement of the withdrawal, Macerich shares were down 6.6% to $78.73.  Share prices have declined by 11% since March 16, which is the day before the first offer from Simon was rejected.
Simon’s shares ended with an increase of 1.2% at $197.99.

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