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Simon said its offer, which is unsolicited, will be withdrawn on April 1 if the two companies do not meet by then.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...