In November 2014, Simon Property Group (NYSE:SPG) disclosed a 3.6% stake in Macerich (NYSE:MAC), and since then, trading in MAC's shares consistently has been impacted by Simon's gambit. Through late 2014 and early 2015, shares would spike off SPG-related rumors, and eventually, a $91 per share offer from Simon in March raised to $95.50 a few weeks later. To the dismay of many shareholders, Macerich would reject that offer in April, and shares fell back into the mid-$70s.
But even after Simon's bid was denied, Macerich hasn't quite escaped the shadow of the bid. The company's decision was called into question; I even argued at the time the concern was significant enough to sell the shares....
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