{"id":1004116737,"date":"2015-04-02T06:23:55","date_gmt":"2015-04-02T14:23:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004116737"},"modified":"2022-12-08T19:20:49","modified_gmt":"2022-12-09T03:20:49","slug":"simon-rescinds-offer-to-buy-macerich","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-rescinds-offer-to-buy-macerich\/","title":{"rendered":"Simon Rescinds Offer to Buy Macerich"},"content":{"rendered":"<p><i>By Barbra Murray, Contributing Editor<\/i><\/p>\n<div id=\"attachment_1004034665\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Simon_David.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004034665\" data-attachment-id=\"1004034665\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/simon-seeks-to-merge-with-macerich\/simon_david\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Simon_David.jpg\" data-orig-size=\"140,150\" 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=\"Simon_David\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;David Simon&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Simon_David.jpg?w=140\" class=\"size-full wp-image-1004034665\" alt=\"David Simon\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Simon_David.jpg\" width=\"140\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004034665\" class=\"wp-caption-text\">David Simon<\/p><\/div>\n<p>Two rebuffs from The Macerich Co. appear to be quite enough for Simon Property Group. Simon, unwilling to pay a penny more than the revised $23.2 billion it had offered Macerich for the acquisition of the national regional-mall REIT, has withdrawn its unsolicited bid.<b>\u00a0<\/b><\/p>\n<p>\u201cWhile we expected MAC to reject Simon&#8217;s bid, the outright bid rejection without any offer to engage Simon or explore \u2018strategic alternatives\u2019 is surprising and frankly difficult to understand, in our view,\u201d analysts with brokerage and investment banking firm Stifel, Nicolaus &amp; Co. Inc. wrote in a research note.<\/p>\n<p>For the better part of a month, conversations were had, letters were exchanged and on March 20, Simon upped its original offer of $91.00 per share in cash and stock for all outstanding shares to $95.50 per share. The revision increased the total price tag, which included the assumption of existing debt, by nearly $1 billion over the <a href=\"https:\/\/www.commercialsearch.com\/news\/business-specialties\/investment\/simon-proposes-to-macerich-but-is-the-ring-big-enough\/1004115158.html\"><span style=\"text-decoration: underline\">original offer of $22.4 billion<\/span><\/a>. The latter figure marked Simon\u2019s best and final proposal, but the retail real estate giant\u2019s best wasn\u2019t good enough.<\/p>\n<p>At one point, the back-and-forth between the two companies took on negative and sarcastic tones. In a letter to Simon\u2019s CEO David Simon, Macerich CEO Arthur Coppola stated, \u201cOver the past two years we sold lower quality malls and recycled the capital into value enhancing redevelopment and acquisition opportunities, increasing our sales per square foot from $517 to $587. Our board recognizes that, as a competitor, these trends present a challenge for you on multiple fronts.\u201d<\/p>\n<p>In a letter to Coppola, Simon criticized Macerich\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/headlines\/macerich-says-no-to-simon-offer\/1004115612.html\"><span style=\"text-decoration: underline\">rejection of the first offer<\/span><\/a> as being \u201cbased on a rosy view of its future prospects,&#8221; and asserted that the REIT \u201cclearly does not believe its shareholders can be trusted.\u201d<\/p>\n<p>Finally, in explaining Macerich\u2019s refusal of the revised acquisition offer, Coppola specified the same reasons the company had cited from the beginning:\u00a0 the proposition substantially undervalues Macerich. The offer was carefully considered by the Board, as well as the company\u2019s financial, real estate and legal advisers and the answer the second time around was the same. No.<\/p>\n<p>It\u2019s anyone\u2019s guess what, if anything, will happen next between Simon and Macerich. What probably won\u2019t\u2019 happen, is the bandwagon effect.<\/p>\n<p>\u201cI don&#8217;t think that Simon\u2019s overture to Macerich portends any significant M&amp;A wave in the retail sector,\u201d Nathan Isbee, director with Stifel, told <i>Commercial Property Executive<\/i>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Simon Property Group will not pay a penny more than its last offer to The Macerich Co.<\/p>\n","protected":false},"author":969,"featured_media":1004034665,"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-1004116737","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 v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Simon Rescinds Offer to Buy Macerich - 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