WeissLaw LLP: The Macerich Company's Board May Not Be Acting In The Best Interest of MAC Shareholders
NEW YORK, March 17, 2015 /PRNewswire/ -- The Board of Directors of The Macerich Company ("MAC") is being investigated by WeissLaw LLP regarding whether the Board is failing to fulfill its fiduciary duties to MAC shareholders in responding to an acquisition offer by Simon Property Group Inc. ("SPG").
SPG acquired a 3.6% stake in MAC in November 2014 and offered to acquire MAC at a significant premium. At the same time, MAC acquired Ontario Teachers' Pension Plan's ("OPB") share of a joint venture entity for MAC shares valued at a purportedly fair price of $71 per share. The MAC Board refused to engage SPG even after it offered to pay $91 in cash and stock for each MAC share. Instead, on March 17, 2015, the MAC Board rejected SPG's takeover offer without even meeting with SPG, saying that the SPG offer undervalues MAC. Simultaneously, the MAC Board entrenched its control by adopting a poison pill and changing its board's structure to thwart the SPG offer.
MAC's response to the SPG offer is duplicitous, especially in view of the Board's entrenchment actions, its refusal to enter into negotiations with SPG, and in view of its own recent sale of MAC stock to OPB at $71.00 per share, significantly below the price offered by SPG. MAC's share price has fallen significantly as a result of its Board's response to the SPG offer.
If you own MAC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.
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SOURCE WeissLaw LLP
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