Macerich Board Announces Governance Changes to Protect Stockholder Value

UBS Downgrades The Macerich Company (MAC) to Sell

UBS downgraded The Macerich Company (NYSE: MAC) from Neutral to Sell with a price target of $84.00 (from $90.00).

For an analyst ratings summary and ratings history on The Macerich Company click here. For more ratings news on The Macerich Company click here.

Shares of The Macerich Company closed at $91.60 yesterday.

Simon Property Group (SPG) Issues Response to Macerich (MAC); Disappointed that Discussions Weren't Held

Simon Property Group (NYSE: SPG) responded to the rejection by The Macerich Company (NYSE: MAC) of Simon's proposal to acquire the outstanding shares of Macerich for $91.00 per share in cash and Simon shares, and Macerich's decision to classify its Board of Directors without a shareholder vote and adopt a poison pill.

David Simon, Simon's Chairman and Chief Executive Officer, said, "The Macerich Board has sent shareholders a clear message that it will do everything in its power to block a value-creating transaction and... More

Macerich (MAC) Adopts Classified Board Structure, Limited Duration Rights Plan

Macerich (NYSE: MAC) announced that its Board of Directors unanimously approved two governance changes to ensure that all stockholders have the opportunity to realize the long-term value of their investment in the Company and are protected from coercive takeover attempts.

As permitted by the Maryland General Corporation Law, the Board has adopted a classified board structure pursuant to which directors will be assigned to one of three classes, each serving three-year terms. In order to emphasize that the classified board is solely intended to protect stockholder value and not intended to be a permanent... More

Macerich (MAC) Board Rejects $91/Share Proposal from Simon Property (SPG)

Macerich (NYSE: MAC) announced that its Board of Directors, after consulting with its financial and legal advisors, unanimously determined that the unsolicited, conditional proposal from Simon Property Group, Inc. (NYSE: SPG) ("Simon Property Group") to acquire the Company for $91.00 per share in cash and stock substantially undervalues Macerich and is not in the best interests of Macerich and its stockholders.

"After careful consideration, the Macerich Board of Directors unanimously determined that Simon Property Group's unsolicited proposal significantly undervalues Macerich and fails to reflect the full value of our... More