{"id":1004115612,"date":"2015-03-18T06:00:25","date_gmt":"2015-03-18T14:00:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004115612"},"modified":"2022-12-08T06:33:11","modified_gmt":"2022-12-08T14:33:11","slug":"macerich-says-no-to-simon-offer","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macerich-says-no-to-simon-offer\/","title":{"rendered":"Macerich Says \u2018No\u2019 to Simon Offer"},"content":{"rendered":"<div id=\"attachment_100403\" style=\"width: 125px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Coppola-Arthur.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-100403\" data-attachment-id=\"1004034630\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/simon-offers-to-buy-macerich-for-91-pshare\/coppola-arthur\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Coppola-Arthur.jpg\" data-orig-size=\"115,115\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Coppola, Arthur\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Coppola-Arthur.jpg?w=115\" class=\"size-full wp-image-1004034630\" alt=\"Coppola, Arthur\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Coppola-Arthur.jpg\" width=\"115\" height=\"115\" \/><\/a><p id=\"caption-attachment-100403\" class=\"wp-caption-text\">Arthur Coppola, Macerich<\/p><\/div>\n<p><em>Barbra Murray, Contributing Editor<\/em><\/p>\n<p>One week after Simon Property\u2019s CEO sent a letter to the CEO of The Macerich Co. expressing his disappointment that the mall REIT had not responded to its <a href=\"https:\/\/www.commercialsearch.com\/news\/business-specialties\/investment\/simon-proposes-to-macerich-but-is-the-ring-big-enough\/1004115158.html\">unsolicited acquisition offer of $22.4 billion<\/a>, Simon has gotten its answer, and it\u2019s a quite emphatic \u2018no.\u2019<\/p>\n<p>Simon, the largest shopping mall REIT in the country, has proposed to acquire Macerich in a cash and stock deal for $91 million per share and the assumption of $6.4 billion of existing debt. As Arthur Coppola, CEO of Macerich, expressed in a letter to Simon CEO David Simon yesterday, Macerich\u2019s Board of Directors has concluded that the offer \u201csubstantially undervalues Macerich and its prospects for continued growth and stockholder value creation\u201d and thusly, \u201cis not in the best interests of Macerich, its stockholders and other constituencies.\u201d<\/p>\n<p>That\u2019s the explanation in a nutshell. Coppola goes on to site a laundry list of factors taken into consideration when making the decision, including what he describes as Macerich\u2019s collection of irreplaceable assets; its fruitful portfolio repositioning over the last two years; and its valuable and well-regarded development pipeline. And the list goes on.<\/p>\n<p>However, Macerich\u2019s justifications go from touting its own attributes to questioning Simon\u2019s. In the letter, Coppola challenges Simon\u2019s claim that his company \u201chas consistently delivered outstanding returns to its shareholders and for a decade has outperformed Macerich in virtually every key operating and financial category.\u201d Coppola retorted that it is not possible for such a declaration to be verified since the company does not reveal separate performance numbers between its malls and outlet portfolios.<\/p>\n<p>Coppola also takes issue with Simon\u2019s contention that there are no legal barriers to closing the proposed deal. \u201cIt appears\u2026that you have not given consideration to the serious questions arising under applicable state and federal laws including those raised by your stock accumulation and other issues which present significant obstacles to consummating the transaction that you have proposed,\u201d Coppola wrote. He wraps up the dispatch by asserting that Simon\u2019s partnership with General Growth Properties, also one of the largest mall owner-operators in the U.S., \u201cis problematic and not only stockholder-unfriendly but also raises questions of legality.\u201d<\/p>\n<p>Simon wasted precious little time responding to Macerich\u2019s dismissal of the offer. Simon answers what it describes as Macerich\u2019s \u201cextreme, scorched-earth response\u201d by accusing the REIT of adopting a \u201cpoison pill. Simon\u2019s suggestion: \u201cMacerich shareholders should scrutinize the actions and motives of the Macerich Board.&#8221;<\/p>\n<p>Let the games begin.<\/p>\n<p>When Simon went public with its proposal earlier this month, more than a few industry analysts speculated that Simon\u2019s offer of $91 per share would probably make its way up to the $100-range by the time the back-and-forth is all over.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Simon Property finally got its response from The Macerich Co., but it wasn&#8217;t a favorable one.<\/p>\n","protected":false},"author":952,"featured_media":1004034630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004115612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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