Indianapolis-based Simon Property Group Inc. (SPG) on Monday went public with an offer for its West Coast mall operating rival Macerich Co. (MAC). The deal is valued at $22.4 billion, including debt, and the $91 per share cash and stock offer represents a a 30% premium over the target’s closing price on Nov. 18, 2014, before Simon unveiled a 3.6% holding Macerich. David Simon, CEO and chairman of the property group, indicated in a letter to Macerich CEO Arthur M. Coppola that he had been trying to discuss a potential fusion of the two companies since November, when it first disclosed its stake.
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