Simon ends $16.B Macerich acquisition bid after rival mall operator rejects raised offer

The Simon Property Group is calling off its hostile $16.8 billion takeover bid for Macerich which would have tied together two of the nation's largest mall operators.

The Indianapolis company upped its bid two weeks ago, calling it a best and final offer. The new offer was valued at $23.2 billion counting debt.

Simon announced late Tuesday night that it had withdrawn its offer of $95.50 per share after Macerich's board unanimously rejected the bid.

The Macerich Co., based in Santa Monica, California, said the bid was too low. Its shares slid 2 percent before the opening bell Wednesday.

Simon made its bid for Macerich public in early March after saying that the shopping center owner refused to negotiate.