"The independent directors and management are absolutely united in the belief that the execution of Macerich's business strategy will deliver more value for stockholders than Simon's proposal," he said.
Simon disclosed in November that it had accumulated a 3.6 percent stake in Macerich. It went public with its takeover bid in early March, saying that Macerichwas refusing to negotiate.
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Simon is a real estate investment trust that operates more than 200 properties in the United States, with a heavy presence in Florida, Texas and California. It also runs shopping centers in Canada, Japan, Mexico and other countries.
Macerich has 51 shopping centers, including locations in Chicago, the metro New York area and Washington, D.C. Its malls include Tysons Corner Center near Washington, D.C., and Queens Center in New York City.
Shares of The Macerich Co. slipped 83 cents to $83.50 in premarket trading Wednesday. Simon Property shares closed at $195.64 Tuesday after falling $1.33.