- "Unless Macerich (MAC +1.7%) wants to do a deal, there won't be a deal," says Sandler O'Neill's Alexander Goldfarb, as history shows hostile takeovers of REITs are very difficult.
- Previously: Macerich rejects Simon offer, adopts poison pill (March 17)
- Still, Macerich's current price of $93.84 vs. Simon Property's (SPG +0.2%) $91 offer suggests traders expect someone to sweeten the pot, and KeyBanc's Todd Thomas says the anti-takeover measures adopted by Macerich aren't as tough as they seem.
- BMO's Paul Adornato calls David Simon a disciplined acquirer, not afraid to walk away when the numbers don't make sense, and he suggests even a $115 bid - suggesting a cap rate of just 4% - but not be too high, given the amount of income growth Simon feels it can still wring from Macerich's assets.