Macerich Rejects Simon Property’s Bid to Acquire Mall Owner

Macerich Co. rejected an unsolicited takeover bid of about $16 billion from Simon Property Group Inc., saying it substantially undervalues the mall owner.

Macerich also took measures to thwart its competitor, including staggering the election of directors, which would make it more difficult to oust the board, and adopting a “poison pill” defense that raises the price Simon would have to pay because more shares of Macerich would be issued.