Santa Monica Place, a Macerich-owned shopping center. Photo by Prayitno  [CC BY 2.0], via Wikimedia Commons.
Santa Monica Place, a Macerich-owned shopping center. Photo by Prayitno [CC BY 2.0], via Wikimedia Commons.

The Macerich Co., a Santa Monica-based real estate investment trust that owns regional shopping centers, confirmed Monday that it received an unsolicited, conditional proposal from Simon Property Group Inc. to acquire the company for $91 per share in cash and stock.

The Macerich Board of Directors is reviewing the proposal with its financial and legal advisers, and is advising stockholders to take no action at this time, according to a company statement.

Macerich, an SP 500 company, focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich owns 54 million square feet of real estate, primarily in 51 regional shopping centers, in the Pacific Rim, Arizona, Chicago and the Metro New York-to-Washington, D.C., corridor.

— City News Service

Leave a comment

Your email address will not be published.