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Simon Property Group, Inc.

Mall bid escalates as Simon makes 'best and final offer' for Macerich

Mall bid escalates as Simon makes 'best and final offer' for Macerich

Simon Property Group Inc., the nation's largest mall owner, said it made its "best and final offer" Friday morning to acquire Santa Monica-based rival Macerich Co., upping the per-share bid to $95.50 from $91. Simon said its offer, which is unsolicited, will be withdrawn on April 1 if the two companies do not meet by then. Macerich confirmed it received Simon's offer and said in a statement that its board of directors would review the proposal. The proposal would combine two of the nation's largest mall owners. Simon valued Friday's proposal at $16.8 billion, excluding assumption of approximately $6.4 billion of Macerich's debt. Macerich, owner of...

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