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Simon Property Submits Bid to Buy Macerich, Owner of Los Cerritos Center

By Brian Hews

The Macerich Co., who owns the Los Cerritos Center, Stonewood Mall, and Lakewood Center, confirmed today that it received an unsolicited proposal from Simon Property Group Inc. to acquire the company for $91 per share in cash and stock.

The deal would amount to $14.39 billion and would join the No. 1 and No. 3 U.S. shopping mall owners.

The deal would help Simon, which has a market value of $57 billion, expand in California and Arizona, where Macerich’s portfolio of shopping centers is concentrated.

Other Macerich’s shopping centers include Inland Center in San Bernardino, the Mall of Victor Valley in Victorville, The Oaks Mall in Thousand Oaks, Panorama Mall in Panorama City, Santa Monica Place in Santa Monica, and the Westside Pavilion in Los Angeles.

As of today Macerich stock price is $92.76.

According to a company statement the Macerich board of directors is “reviewing the proposal and is advising stockholders to take no action at this time.”

Founded in 1964 in Ames, Iowa, by Mace Siegel, Macerich has been headquartered in Santa Monica for more than 30 years. With its significant acquisitions of Westcor in 2002 and Wilmorite in 2005, Macerich gained a definitive national footprint and added high-performing properties and a roster of new opportunities for its retail partners.