Simon Property Group said today that it sent a letter to the Macerich Company containing its best and final offer: $95.50 a share in cash and Simon shares to acquire the outstanding shares of the Santa Monica-based mall operator and self-operated Real Estate Investment Trust. Simon on March 9 made a hostile bid of $91 a share, which was rebuffed by Macerich on Tuesday. To ward off the unsolicited advances of Simon, Macerich adopted a poison pill and classified its board structure to ensure that Simon would be unable to place members on its board. All other terms of Simon’s previous $91 a share offer remain the same, the company said, including consideration in the form of 50 percent cash and 50 percent Simon common stock, utilizing a fixed exchange ratio. The total value of the proposed transaction is about $23.2 billion, including assumption of approximately $6.4 billion of Macerich debt outstanding. The offer represents a 37 percent premium to Macerich’s unaffected closing stock price of $69.88 on November 18, 2014, the day before Simon disclosed a 3.6 percent stake investment in Macerich or about 5.71 million shares.
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