Mall operator Macerich Co. (MAC) on Tuesday rejected an unsolicited $22 billion takeover offer from Simon Property Group Inc. (SPG) and raised its defense ahead of a possible takeover fight. Indianapolis-based Simon went public March 9 with a $91 per share cash and stock offer for Macerich that valued the rival REIT’s equity at about $16 billion. The offer price was 30% above Macerich’s closing price on Nov. 18, 2014, the day before Simon Property disclosed a 3.6% stake. But Santa Monica, Calif.-based Macerich said in a statement and letter Tuesday said that its board and advisers have concluded the offer undervalues the company. Macerich also said it was staggering its board and adopting a limited duration stockholder rights plan designed to protect shareholders from what the company called ‘coercive takeover attempts.’
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