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August 20, 2014
09:23 EDTMACMacerich management to meet with Deutsche Bank
Meeting to be held in Minneapolis on August 20 hosted by Deutsche Bank.
News For MAC From The Last 14 Days
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March 24, 2015
10:40 EDTMACOptions with increasing implied volatility
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10:32 EDTMACOptions with increasing implied volatility
Options with increasing implied volatility: MAC CMG HLSS PSEC ISRG AMZN CREE
05:58 EDTMACMacerich implied volatility of 37 at upper end of index
March 23, 2015
05:53 EDTMACStocks with implied volatility movement; MAC JD
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March 20, 2015
13:20 EDTMACMacerich takeover offer from Simon 'full and reasonable,' says Wells Fargo
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10:43 EDTMACMacerich confirms receipt of revised, unsolicited proposal from Simon Property
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10:14 EDTMACMacerich risk/reward favorable, says Cowen
09:24 EDTMACOn The Fly: Pre-market Movers
UP AFTER EARNINGS: (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
08:23 EDTMACMacerich drops 10% after Simon makes $95.50 per share 'best and final' offer
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07:47 EDTMACSimon Property sends final offer to acquire Macerich for $95.50 per share
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07:45 EDTMACSimon Property sends final offer to acquire Macerich for $95.50 per share
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March 18, 2015
10:00 EDTMACOn The Fly: Analyst Downgrade Summary
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07:43 EDTMACMacerich could see increased takeout bid from Simon, says Cowen
Cowen noted Macerich (MAC) rejected Simon Property Group's (SPG) $91 per share offer, but believes Simon Property could increase its bid. The firm feels if that occurs Macerich would be more receptive to a buyout. Cowen reiterated its Outperform rating and $95 price target on Macerich shares.
06:07 EDTMACMacerich downgraded to Sell from Neutral at UBS
UBS downgraded Macerich (MAC) to Sell citing reduced probability of a near-term sale after the company staggered its board and adopted a poison pill. The firm now assigns only a 20% probability of a takeout at $100 per share. It lowered its price target for the stock to $84 from $90. UBS says Simon Property's (SPG) $91 per share takeover was "not unreasonable" and that he company is unlikely to pay substantially more for Macerich. Shares of the real estate investment trust closed yesterday down $3.29 to $91.60.
March 17, 2015
16:26 EDTMACOn The Fly: Closing Wrap
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14:21 EDTMACBlackstone unlikely to lead bid for Macerich, Bloomberg says
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12:01 EDTMACSimon Property responds to Macerich's rejection of Simon proposal
Simon Property (SPG) responded to the rejection by Macerich (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 without a shareholder vote and adopt a poison pill. Simon CEO David Simon commented, "The Macerich Board has sent shareholders a clear message that it will do everything in its power to block a value-creating transaction and prevent them from having a voice in matters critical to the value of their investment. It is truly disappointing Macerich would not even meet to discuss our proposal and remarkable that its view on value could have changed so drastically just four months after issuing 10.9% of its shares at the $71.00 level. Macerich's rejection is based on a rosy view of its future prospects. Shareholders should closely examine Macerich's history of delivering on its forecasts, which pales in comparison to Simon's long track record of delivering industry-leading results that have outpaced Macerich in virtually every operating and financial category. Based on Simon's long history of outperforming Macerich, we are confident Macerich shareholders will realize more value through a combination with Simon than they could on a standalone basis. Macerich's decision to stagger its board without shareholder approval would be poor corporate governance at any time, but it is particularly egregious given that we recently notified Macerich that, should the need arise, we would nominate a number of candidates that would constitute only a minority of their Board. Macerich clearly does not believe its shareholders can be trusted to decide the composition of its board when the value of their investment hangs in the balance. The strategic logic of our proposal has been widely recognized, the value is compelling, and it is not conditioned on financing or dispositions. In addition, we are comfortable there are no legal issues with our offer, as to General Growth or otherwise, and no other impediments aside from the Macerich Board to the completing the proposed transaction. Given this extreme, scorched-earth response, Macerich shareholders should scrutinize the actions and motives of the Macerich Board."
08:15 EDTMACMacerich adopts classified board structure, stockholder rights plan
Macerich (MAC) announced that its board 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 feature of the company's corporate governance, the company has committed to review the continued need for the classified board structure in 2016. In addition, the board has adopted a limited duration stockholder rights plan, effective March 17, and authorized a dividend distribution of one preferred share purchase right on each outstanding share of Macerich's common stock. If not redeemed or otherwise exchanged, the Rights Plan is limited in duration and will expire on the date of the company's 2016 Annual Meeting of Stockholders. Macerich's Board of Directors elected to implement these governance changes in response to the unsolicited takeover proposal announced by Simon Property Group (SPG) on March 9. In its proposal, Simon Property Group announced that it has entered into an agreement to sell selected Macerich assets to General Growth Properties (GGP). In addition, on March 12, James Barkley, General Counsel of Simon Property, sent a letter to Macerich indicating that Simon was contemplating the nomination of five dissident candidates to stand for election at Macerich's 2015 Annual Meeting of Stockholders. The Macerich Board believes this partnership raises serious antitrust concerns as it is a concerted effort by the two largest companies in the industry to acquire the number three company. As a result, the Board believes it is vital that it take proactive measures to protect stockholder value and prevent the accumulation of stock by any group that might seek to force the sale of the company.
08:12 EDTMACMacerich rejects $91 per share proposal from Simon Property Group
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08:10 EDTMACMacerich rejects $91 per share proposal from Simon Property
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