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Simon Raises Bid for Macerich to $95.50 a Share

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Simon Property Group Inc. raised its unsolicited takeover bid for rival mall owner Macerich Co. to about $16.8 billion, calling it a final offer.

Simon, the biggest U.S. mall landlord, offered $95.50 a share, up from $91 on March 9, the Indianapolis-based company said in a statement Friday. The offer will be withdrawn if Simon is unable to meet with Macerich to negotiate terms of an agreement by April 1 at 5 p.m. Pacific time. Simon has said it’s made multiple attempts to discuss its interest, and Macerich has refused to engage in talks.