The largest mall operator in Arizona may be facing a takeover bid, according to KJZZ-FM.
Indianapolis-based Simon Property Group Inc. (NYSE: SPG) has intimated it is interested in buying Macerich Co. (NYSE: MAC), which owns several high-profile shopping malls across Phoenix such as Scottsdale Fashion Square and Biltmore Fashion Park.
Simon owns Arizona Mills and a Simon subisidary, Premium Outlets, operates the Phoenix Premium Outlets near Chandler.
Although at most, Simon operates only two malls in Arizona, it is the largest real estate investment trust, or REIT, in the country. Macerich is third.