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Simon offers to buy Macerich for $22.4 billion in cash and stock

Published 03/09/2015, 09:32 AM
Updated 03/09/2015, 09:40 AM
© Reuters. Simon, chairman and CEO of Simon Property Group Inc., talks to Sternlicht, chairman and CEO of the Starwood Capital Group, at the Milken Institute Global Conference in Beverly Hills
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(Reuters) - Simon Property Group Inc (N:SPG), an owner of malls and outlet centers, said it had offered to buy real estate investment trust Macerich Co (N:MAC) in a cash and stock deal for $22.4 billion including debt.

The offer $91 per share is premium of 4.9 percent to Macerich's Friday close of $86.72.

© Reuters. Simon, chairman and CEO of Simon Property Group Inc., talks to Sternlicht, chairman and CEO of the Starwood Capital Group, at the Milken Institute Global Conference in Beverly Hills

The per share offer will be 50 percent in cash and 50 percent in Simon common stock.

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