Business & Tech
The Macerich Co., A Santa Monica-Based Shopping Mall Developer, Considers Offer to Sale
Simon Property Group Inc.offered to acquire the SP 500 company for $91 per share in cash and stock
The Macerich Co., a Santa Monica-based real estate investment trust that owns regional shopping centers, confirmed today that it received an unsolicited, conditional proposal from Simon Property Group Inc. to acquire the company for $91 per share in cash and stock.
The Macerich Board of Directors is reviewing the proposal with its financial and legal advisers, and is advising stockholders to take no action at this time, according to a company statement.
Macerich, an SP 500 company, focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Find out what's happening in Santa Monicafor free with the latest updates from Patch.
Macerich owns 54 million square feet of real estate, primarily in 51 regional shopping centers, in the Pacific Rim, Arizona, Chicago and the Metro New York-to-Washington, D.C., corridor.
- City News Service
Get Patched in! Sign up for Patch news alerts for your town.
Find out what's happening in Santa Monicafor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
