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Simon Property Group proposes $15.3-billion takeover of Macerich
Simon Property Group proposes $15.3-billion takeover of Macerich

Santa Monica shopping center landlord Macerich Co. is under siege by rival Simon Property Group in a $15.3 billion hostile takeover attempt that could join two of the country's largest mall owners. Macerich Co. owns well-known regional malls such as Santa Monica Place in downtown Santa Monica and the Westside Pavilion in Los Angeles. Indianapolis-based Simon said Monday it had offered Macerich $91 per share in cash and stock for each share of Macerich. The offer represents a 30% premium to Macerich's closing stock price of $69.88 on Nov. 18, the day before Simon disclosed its 3.6% investment in Macerich. Macerich itself has been acquiring rivals over the years and still has...