Simon Property Makes Final Offer Of $95.50/shr For Macerich Stock - Quick Facts

(RTTNews) - Simon Property Group, Inc. (SPG) announced it has sent a letter to The Macerich Company (MAC) outlining its best and final offer to acquire all of the outstanding shares of Macerich for $95.50 per share in the form of 50% cash and 50% Simon common stock. All other terms of Simon's previous $91.00 per share offer remain the same. The total value of the proposed transaction is approximately $23.2 billion, including assumption of approximately $6.4 billion of Macerich debt outstanding (including its pro rata share of mortgage debt from unconsolidated entities).

Simon's letter to Macerich, stated: "we have decided not to nominate directors for the Macerich board or otherwise prolong this process. Accordingly, if we do not meet with Macerich to negotiate terms and conditions of a definitive agreement by 5:00 p.m., Pacific Time on Wednesday, April 1, 2015, this offer and our interest in pursuing a transaction with Macerich will be withdrawn."