Unlimited Access. Try it Today! Your First 10 Days Always $0.99


Spurned by Macerich, Simon to buy back up to $2B in stock

Fresh off a retreat from its hostile $16.8 billion takeover bid for Macerich, Simon Property Group announced a stock buyback of up to $2 billion. The Indianapolis mall operator said Thursday that the share repurchases will be made over the next two years as market conditions warrant. The company withdrew its offer of $95.50 per share for The Macerich Co. late Tuesday, shortly after Macerich rejected the bid. The deal was valued at $23.2 billion including debt and would have tied together the nation's two largest mall operators. Simon Property Group Inc. is a real estate investment trust that operates more than 200 properties in the United States, with a heavy presence in Florida,...