Macerich Co, the third-largest U.S. shopping mall owner, rejected a $14.39 billion unsolicited offer from larger rival Simon Property Group Inc, saying the offer "substantially undervalues" the company.Macerich also adopted a poison pill, or a shareholder rights plan, with a 10 percent trigger and changed its board structure to thwart a hostile takeover, the company said on Tuesday.Macerich shares fell 3 percent in premarket trading.Directors will now be divided into three classes and their term will be three years, Macerich said. The company said it would review the new structure in 2016.
Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT). Shares of SPG remained unchanged at $187.07. In the past year, the shares have traded as low as $147.77 and as high as $206.31. On average, 1465230 shares of SPG exchange hands on a given day and today's volume is recorded at 0.