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Macerich will nominate 2 new directors as proxy fight ends

Mall operator Macerich said Monday it settled a proxy fight with two investment funds, and will nominate two new directors to its board while dropping a "poison pill" measure that helped it stave off an attempted takeover. Macerich Co. adopted a shareholder rights plan in March, after larger competitor Simon Property Group Inc. offered to buy the company for $16 billion, or $91 per share. The plan was designed to help Macerich defend itself against a takeover, and it was scheduled to expire in 2016. The company also said it will "declassify" its board of directors by 2016, meaning all of the directors on the board will stand for election at the same time. The Santa...

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