By Chad Bray | The New York Times
The Simon Property Group withdrew its $23.2 billion offer to acquire the Macerich Company after the rival mall operator’s board of directors late on Tuesday rejected an unsolicited bid.
In rejecting the latest offer, Macerich said that its directors, after reviewing the revised proposal with its advisers, felt the sweetened bid “continues to substantially undervalue” the company.
Macerich showed little interest in an alliance with Simon and adopted measures to make a takeover much more difficult, including a shareholder-rights plan, often referred to as a poison pill.
