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Macerich shares fell 5 percent to $80 in
premarket trading on Wednesday.
Simon Property raised its offer for Macerich last month to
$95.50 per share from $91.00.
"Our Board carefully reviewed Simon Property Group's revised
proposal and concluded that it does not reflect the full value
of our company," Macerich Chief Executive Arthur Coppola said in
a statement.
Macerich said it would continue to sell its lower growth
properties and set a target to increase operating margins by 4
percent over the next 18-24 months.
"Macerich's stated determination to boost its operating margins
in the near term seems an ambitious target and raises the
question as to why this was not done sooner," Cowen & Company
analyst James Sullivan wrote in a note.
Macerich shares were down at $79.99 in premarket trading. Up to
Tuesday's close of $84.33, they had fallen 11 percent since
March 16, a day before the company rejected Simon Property's
first offer.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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