Find in the news:
BY COUNTRY

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.

More about shopping malls in the USA



Jul 20, 2021, USA:
LVMH will acquire a controlling stake in Off-White, with its founder retaining 40%.
Jul 20, 2021, USA:
The iconic lingerie brand announced its intention to open three retail outlets with a new format this autumn.
Jul 19, 2021, Spain:
Amid the surge in the online retail model, Inditex is betting on a hybrid model that combines traditional stores and online ordering options.
Jul 14, 2021, United Kingdom:
The temporary For You House store will not sell any products - it will be a place for meetings and themed workshops.
Jul 13, 2021, USA:
The global chain of department stores will sell fashion brands aimed at a younger audience.
Jul 13, 2021, China:
Clothing and footwear retailer Shein has become the most prominent fast-fashion retailer in the U.S.
Friend
and Follow
Cabot Circus GLA:990 280 SF
ADDRESS: Glass House, Bristol BS1 3BX
United Kingdom . Bristol
Cabot Circus
Aviapark GLA:2 475 699 SF
ADDRESS: ul. Aviakonstruktora Mikoyana, 10
Russia . Moscow region
Aviapark
Mall of Scandinavia GLA:1 087 155 SF
ADDRESS: Evenemangsgatan 11 169 56 Solna
Sweden . Stockholm
Mall of Scandinavia
Mall of Qatar GLA:1 743 753 SF
Qatar . Doha
Mall of Qatar


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us