Macerich Set Up For A Buyout Courtesy of Orange Capital?
As we sent to Activist Strategy subs yesterday, the premium mall real estate investment trust Macerich rebuffed a buyout from Simon Property Group many months ago, claiming the bid was too low. That caused the activist fund Land & Buildings to get involved in an effort to push for corporate governance change and rekindle Simon Property Group buyout talks. Orange Capital also joined in with L&B against Macerich.
After months of back and forth, the REIT finally settled with the activists, avoiding a costly proxy battle. But the big news is that Macerich agreed to corporate governance changes. This includes the removal of the poison pill that was part of the reason Macerich was able to fend off a takeover from Simon. Will Simon come back to the table?
Our take - Simon won't be back, but someone will...
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