Macerich Co, the third-largest U.S. shopping mall owner, rejected a $14.39 billion offer from larger rival Simon Property Group Inc, saying the offer "substantially undervalues" the company. Macerich also said on Tuesday that it adopted a shareholder rights plan and set the trigger at 10 percent.
Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT). Shares of SPG traded higher by 1.68% or $3.09/share to $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 1580163.