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Game on: Simon Property responds angrily to Macerich rejection

Mar. 17, 2015 12:15 PM ETThe Macerich Company (MAC) StockBy: Stephen Alpher, SA News Editor1 Comment
  • "The Macerich (NYSE:MAC -2.8%)board has sent shareholders a clear message that it will do everything in its power to block a value-creating transaction and prevent them from having a voice in matters critical to the value of their investment," says SImon Property (SPG -0.9%) chief David Simon, noting it was only four months ago when Macerich issued 10.9% of its shares for just $71 each (Simon has offered $91).
  • "Shareholders should closely examine Macerich's history of delivering on its forecasts, which pales in comparison to Simon's long track record of delivering industry-leading results that have outpaced Macerich in virtually every operating and financial category."
  • Simon says Macerich's decision to stagger its board without owner approval - poor corporate governance in normal circumstances - is particularly egregious given Simon's offer to nominate candidates constituting only a minority of the board.
  • Source: Press Release
  • Previously: Macerich rejects Simon offer, adopts poison pill (March 17)

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