Macerich Co. (MAC) - NYSE
  • Mon, Mar. 28, 10:20 AM
    • An outlier to the downside among the mall operators today is Macerich (MAC -0.8%) after Bank of America pulls its Buy rating and downgrades to Neutral.
    • BofA upgraded Macerich earlier this year, and the stock price is pretty much flat since (though it has gyrated a bit alongside the market).
    | Mon, Mar. 28, 10:20 AM
  • Nov. 13, 2015, 3:24 PM
    • Tumbling alongside retail names after this morning's soft retail sales report, and disappointing results at J.C. Penney and Nordstrom, are the companies which rent space the sector.
    • General Growth Properties (GGP -4%), Simon Property (SPG -2.5%), Kimco (KIM -1.5%), Weingarten (WRI -1.5%), Macerich (MAC -2.8%), Taubman (TCO -1.2%), Pennsylvania REIT (PEI -4.4%), Rouse (RSE -5.7%).
    | Nov. 13, 2015, 3:24 PM | 1 Comment
  • Jun. 19, 2015, 9:13 AM
    | Jun. 19, 2015, 9:13 AM
  • Jun. 19, 2015, 9:10 AM
    | Jun. 19, 2015, 9:10 AM | 1 Comment
  • May 4, 2015, 12:41 PM
    • Macerich (MAC +2.2%) adds two new independent directors to the board, kills its poison pill, and promises declassify the BOD no later than just after the 2016 annual meeting (i.e, kill the staggered board).
    • Stepping down from the board to make room for the additions are Dana Anderson (company co-founder) and Dr. William Sexton.
    • "We are pleased that the Macerich Board has made several important changes," says Orange Capital's Daniel Lewis. "We believe all stockholders will benefit from these enhancements."
    • Previously: Orange Capital sets sights on Macerich (April 15)
    | May 4, 2015, 12:41 PM
  • Apr. 22, 2015, 12:25 PM
    • "We are encouraged that the Board of Associated Estates (AEC +16.5%) has chosen to enter into this transaction, which we believe is an outstanding outcome for all shareholders," says Land and Buildings founder Jonathan Litt.
    • Litt notes the purchase price is 65% higher than when Land and Buildings made public its involvement with AEC last June.
    • Noting the continually big discount of AEC's stock price to its net asset value, Litt argued for a sale as the large costs of running a public company weren't worth it for so small of an enterprise.
    • Litt can now refocus his activist energies on MGM (MGM +1.1%) and Macerich (MAC +0.8%)
    • Previously: Associated Estates sold to Brookfield fund in $2.5B deal (April 22)
    • Previously: MGM Resorts defends itself in investor presentation (April 20)
    • Previously: Macerich rejection still not sitting well with investors (April 16)
    | Apr. 22, 2015, 12:25 PM
  • Apr. 15, 2015, 2:21 PM
    • Land and Buildings' Jonathan Litt gains a deeper-pocketed ally in its battle against Macerich (MAC +2%) as Orange Capital takes a nearly 1% stake in the mall operator, reports the WSJ. Land and Buildings owns a smaller stake - reported as less than $100K at last check.
    • The activist moves come after Macerich rejected a $95.50 per share "final" offer from Simon Property Group (SPG -0.5%).
    • Litt met last week with Macerich CEO Art Coppola to discuss a settlement which would have added two independent property experts to the company board (though Litt wants a seat for himself as well). Things must not have gone well because Macerich sued Litt on Monday, arguing he didn't own shares in time to make board nominations. Litt has since countersued.
    • Macerich was lower on the session before the Orange news hit.
    • Previously: Jonathan Litt sets sights on Macerich (April 2)
    | Apr. 15, 2015, 2:21 PM
  • Apr. 2, 2015, 2:40 PM
    • Believing Macerich (MAC +2.6%) should have engaged with Simon Property Group (SPG +1%) rather than launch a strong defense against it, Jonathan Litt's Land and Buildings Investment Management nominates a slate of four directors for the company's board.
    • Land and Buildings owns a minimal amount of Macerich - less than $100K worth, according to the WSJ - enough to nominate directors, but Litt will need the support of plenty of other investors to have success.
    • For those unfamiliar with Litt, the former Citigroup analyst has emerged as a prominent gadfly in the REIT industry, with Pennsylvania REIT, BRE Properties, Mack-Cali, and Associated Estates among his targets of late. He's also pushing for MGM Resorts International to spin off its real estate into a REIT.
    • Macerich would be his largest target yet.
    • Source: The WSJ's Liz Hoffman and Robbie Whelan
    | Apr. 2, 2015, 2:40 PM | 2 Comments
  • Apr. 2, 2015, 9:42 AM
    • With Macerich (MAC +1%) having rejected Simon Property's $95.50 per share offer and the stock price now back down below $80, it's put up or shut up time for company management, says Credit Suisse, upgrading to Neutral from Underperform.
    • Previously: Macerich board rejects Simon offer (April 1)
    | Apr. 2, 2015, 9:42 AM
  • Mar. 27, 2015, 10:03 AM
    • It's not a major surprise, but the Macerich (MAC -1.2%) board looks set to reject Simon Property Group's (SPG +0.3%) best and final buyout offer of of $95.50 per share, reports David Faber.
    • Investors have prepped for this: Macerich has been trading well south of $95.50 ever since the Simon ultimatum. It's currently at $85.93. Macerich was a $70 stock prior to Simon getting involved.
    • Previously: Investors bet Simon Property will walk away from Macerich (March 20)
    • Previously: Simon Property sweetens Macerich offer (March 20)
    | Mar. 27, 2015, 10:03 AM
  • Mar. 20, 2015, 11:15 AM
    • "The bump is pretty underwhelming," says Susquehanna's King She, commenting on Simon Property Group's (SPG +1.6%) boost of its offer to buy Macerich (MAC -4.8%) to $95.50 per share from $91. The April 1 deadline from Simon doesn't bode well for the prospects of a deal:  “You normally like to see a hostile buyer digging in their heels for the long haul.”
    • She's expectation is Macerich will reject the offer within a week and Simon will walk away. Investors agree, taking Macerich down to $87.85 per share in wake of the "final" offer.
    • Macerich confirms its receipt of the new bid, and promises to have a look.
    • Previously: Simon Property sweetens Macerich offer (March 20)
    | Mar. 20, 2015, 11:15 AM
  • Mar. 20, 2015, 9:23 AM
    | Mar. 20, 2015, 9:23 AM | 2 Comments
  • Mar. 20, 2015, 7:57 AM
    • Calling this its best and final offer, Simon Property Group (NYSE:SPG) bids $95.50 per share - 50% cash, 50% stock - for Macerich (NYSE:MAC). Terms of the previous offer were $91 in cash and stock. The total value of the deal is about $23.2B, including assumption of about $6.4B in debt.
    • Macerich is tumbling on the news as investors bet on a rejection, and then David Simon picking up his ball and going home. Macerich was trading hands at about $70 per share before Simon first disclosed a stake in the company last November. Simon is giving Macerich until April 1 to talk turkey.
    • New presentation from Simon Property
    • MAC -9.9% to $84.30, SPG -0.6% premarket
    | Mar. 20, 2015, 7:57 AM
  • Mar. 19, 2015, 3:22 PM
    • "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.
    | Mar. 19, 2015, 3:22 PM
  • Mar. 17, 2015, 12:15 PM
    • "The Macerich (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.
    • Previously: Macerich rejects Simon offer, adopts poison pill (March 17)
    | Mar. 17, 2015, 12:15 PM | 1 Comment
  • Mar. 13, 2015, 12:53 PM
    | Mar. 13, 2015, 12:53 PM | 1 Comment
Company Description
Macerich Co. operates as a real estate investment trust, which engages in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The company is the sole general partner of, and owns a... More
Sector: Financial
Industry: REIT - Retail
Country: United States