News
Takeover Speculation Surrounds Mall Operators
Talk of a Macerich takeover grew louder today as Simon Property Group, America's largest mall owner, announced it now had a 3.6% ownership stake in its Santa Monica-based competitor. Simon has bought 5.7M Macerich shares this year and, Bloomberg reports, would like to exceed a stipulation capping its ownership in the company at 5%. Macerich, which owns 95 malls in 19 states, saw its stock jump 9.1% today to close at $76.58. Earlier this year, an undisclosed investor acquired a 10.6% interest in the company. Meanwhile, Simon ended the trading day at $176.37, down 1.6%. JPMorgan analysts noted that SPG had been "been quite acquisitive over the years."
