I attribute my success to this: I never gave or took any excuse. –Florence Nightingale
Mar 9, 2015, 2:33pm MST Brandon Brown Reporter-Phoenix Business Journal
The Macerich Co. – the owner, operator and developer of many of the metro Phoenix malls and shopping centers – is being actively sought after to be bought out be the nation’s largest mall owner SimonProperty Group.
Indianapolis-based Simon (NYSE: SPG) publicly announced its desire to buyout Santa Monica-based Macerich (NYSE:MAC) Monday, offering Macerich stockholders $91 per share. Simon also published a letter that Chairman and CEO David Simon sent to Macerich Chairman and CEO Art Coppola.
In the letter, Simon said he met with Coppola more than a week ago and proposed the acquisition and Simon said he is disappointed Coppola has not gotten back to him yet.
See Also
- Macerich faces possible takeover by rival mall operator
- Macerich still not talking about Paradise Valley Mall
“This is a very compelling offer that will enable Macerich stockholders to realize a substantial and immediate cash return while building long-term value through ownership ofSimon shares which have delivered industry-leading returns for more than two decades,”Simon wrote. “We have completed nearly $40 billion of acquisitions in a variety of complex transactions during our 21 years as a public company and we see no legal or other impediment to completing our purchase of Macerich.”
In response to Simon making the matters public, Macerich released a press release of its own on Monday, which said it has received an unsolicited offer from Simon and the Macerich board of directors will review the proposal with its financial and legal advisors.
The company suggested its stockholders not take any action at the time.
Simon only has two properties in Arizona, the Arizona Mills Mall in Tempe and the Phoenix Premium Outlets near Chandler.
Macerich’s portfolio includes some of Arizona’s biggest malls and shopping centers including Arrowhead Towne Center, Desert Sky Mall and Paradise Valley Mall. It also has half or part ownership in Biltmore Fashion Park, Scottsdale Fashion Square, Chandler Fashion Center and Kierland Commons.
If Macerich accepted Simon‘s offer, it is estimated to be a $22.4 billion transaction, includingSimon taking on Macerich’s nearly $6.4 billion in outstanding debt. Macerich stockholders would receive 50 percent cash and 50 percent Simon stock if the buy out happened.
“We believe Simon‘s cash and stock offer would bring compelling value to shareholders of both companies. Macerich shareholders would receive a significant current cash premium as well as the long-term upside potential of an investment in Simon, which is widely recognized for its high-quality portfolio and industry-leading operating performance,” Simonsaid. “We are confident our proposed transaction provides a highly attractive value proposition to Macerich shareholders.”
Brandon covers retail, restaurants, hospitality/tourism as well aviation, small business and nonprofits.
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1
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Facts of Arizona – year 1848 to 2013
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