Simon Property Ups Final Offer for Macerich to $95.50 per Share

Simon Property Group Inc (NYSE:SPG), the largest U.S. shopping mall owner, raised its offer for smaller rival Macerich Co (NYSE:MAC) to $95.50 per share in cash and stock.

Macerich rejected on Tuesday Simon Property's earlier offer of $91 per share and adopted a poison pill to prevent a hostile takeover.

Simon Property said on Friday that the offer, which has an enterprise value of $23.2 billion, would be withdrawn if Macerich did not meet with the company by April 1.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Kirti Pandey)